APPROACHES TO THE FORMATION OF THE MARKETING STRATEGY OF INNOVATIONS IN THE BANKING SPHERE

Abstract

The article highlights issues related to the innovative activities of banking organizations from the point of view of developing and providing banking products and services. The need for objective research on the selection and classification of new banking products and services, which are brought to the market as objects of marketing activities of credit institutions, has been proven, since their properties are not the same. The conducted economic and theoretical analysis showed that despite the fact that banking services and products have a set of similar characteristics, they also have their own unique characteristics. The authors proposed an approach to identify classification features inherent in new banking products and services, which is key to the competent development of the bank’s marketing activities. It is proposed to define the concept of "new banking products" from the point of view of innovative marketing activities of the bank based on the degree of their novelty, which allows to supplement the existing classifications with new features in order to develop a clearer chosen marketing strategy. It was determined that depending on the degree of novelty of the product, innovative processes in the bank can be classified as differential or diversified. This distribution also allows focusing attention on the formation of the bank’s marketing strategy. When classifying banking products, it is recommended to provide detailed information about the target group of customers who use new banking products and consider the stage of the life cycle of banking products from the perspective of innovation. When classifying new banking products by life cycle stage, it is useful to consider the following stages: development of products and services; implementation of pilot projects or testing of new banking products; assessment of sales dynamics; maturity of new banking products; decrease in sales of new banking products. This approach makes it possible to take into account the specifics of the work of credit organizations and the interests of various groups of potential consumers in the process of introducing banking products and services.