IMPROVING METHODS FOR DEVELOPING MODERN MARKETING STRATEGIES FOR THE BANKING SERVICES MARKET
Keywords:
market, segmentation, research, mobile banking, personalization, customer, content marketing, SMM, SEO, CX, UX, augmented reality, virtual reality.Abstract
In today's competitive and rapidly evolving financial environment, the development of effective marketing strategies is critical for banks aiming to maintain customer loyalty and expand their market share. This study explores innovative methods for improving the development of modern marketing strategies within the banking services market. The research highlights the growing importance of digital transformation, customer-centric approaches, and data-driven decision-making in marketing practices. By analyzing current trends, challenges, and best practices, the paper proposes a framework that integrates advanced analytics, personalized communication, and omnichannel marketing to better address the changing needs of banking customers. The study also examines the role of customer segmentation, service innovation, and technology adoption in enhancing marketing effectiveness. The findings contribute to the theoretical understanding of strategic marketing in the banking sector and offer practical recommendations for financial institutions seeking to strengthen their market position and improve customer engagement.
References
1. Decree of the President of the Republic of Uzbekistan No. PF-5992 “On the Strategy for Reforming the Banking System of the Republic of Uzbekistan for 2020-2025”, dated 12.05.2020.
2. Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education.
3. Armstron, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of Marketing (6th ed.). Pearson Australia.
4. Kumar, V., Aksoy, L., Donkers, B., Venkatesan, R., Wiesel, T., & Tillmanns, S. (2010). Undervalued or Overvalued Customers: Capturing Total Customer Engagement Value. Journal of Service Research, 13(3), 297–310.
5. Lovelock, C., & Wirtz, J. (2011). Services Marketing: People, Technology, Strategy (7th ed.). Pearson.
6. Rust, R. T., Lemon, K. N., & Zeithaml, V. A. (2004). Return on Marketing: Using Customer Equity to Focus Marketing Strategy. Journal of Marketing, 68(1), 109–127.
7. Jain, D., & Singh, S. S. (2002). Customer Lifetime Value Research in Marketing: A Review and Future Directions. Journal of Interactive Marketing, 16(2), 34–46.
8. Deloitte. (2023). 2023 Global Marketing Trends: Banking Sector Outlook. Deloitte Insights. Retrieved from https://www2.deloitte.com
9. Accenture. (2022). Banking Marketing Trends: Humanizing Digital Relationships. Accenture Financial Services Report. Retrieved from https://www.accenture.com
10. McKinsey & Company. (2021). Modern Marketing in Banking: The Path to Personalization at Scale. Retrieved from https://www.mckinsey.com
11. Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing (7th ed.). Pearson Education.
12. Peppers, D., & Rogers, M. (2017). Managing Customer Relationships: A Strategic Framework (2nd ed.). Wiley.
13. Financial Brand. (2020). Top Marketing Strategies Used by Leading Banks. Retrieved from https://thefinancialbrand.com
