Research of the banking products market in Ukraine and the marketing product and sales policy improvement JSC "Oxi Bank" on it
Students Name: Yurchenko Nazar Andriiovych
Qualification Level: magister
Speciality: Marketing
Institute: Institute of Economics and Management
Mode of Study: full
Academic Year: 2022-2023 н.р.
Language of Defence: ukrainian
Abstract: One of the most important marketing tools of each bank is its marketing product policy, which is aimed at meeting the needs of certain target markets [1]. An important role in it belongs to the management of the bank’s product range, the quality of banking products and the level of service [2, 3]. To ensure the availability of the bank’s products for customers, it forms distribution channels that differ in their length [4]. Modern trends in the development of marketing product and sales policy are connected with the implementation of innovations in them [5, p. 145-148, 6, p. 46]. Study object – the marketing product and sales policy of JSC "Oxi Bank" on the banking products market of Ukraine. Scope of research – the theoretical and methodological principles of the formation of marketing product and sales policy of a banking institution. Goal of research: to study the market of banking products of Ukraine, the marketing product and sales policy of JSC "Oxi Bank" on it, and to develop recommendations for their improvement. The research findings. JSC "Oxi Bank" is a small Ukrainian commercial bank. For private customers, it offers deposits, loans, payment cards, safes, OxiBank mobile application, transfers, voluntary declaration. For business clients, JSC "Oxi Bank" offers an assortment of such products as deposits and loans, PKO (settlement and cash service and currency operations), bank guarantees, OHI Business Online, corporate cards, Internet acquiring. JSC "Oxi Bank" offers all its products under the existing trademark in blue and blue shades. This bank tries to offer its customers high-quality banking products, forming an individual approach to its customers, taking into account their needs, promptly responding to them. To sell its products, JSC "Oxi Bank" uses branches (in 7 cities of Ukraine and the village of Zimna voda, Lviv region), 5 ATMs and an Internet marketing system, which form direct marketing channels (zero level) of this bank and indirect distribution channels using ATMs of other banks, accredited insurance companies. For the convenience of customers, this bank has connected the services of Google Pay and Apple Pay, received the status of an associate member of the Visa MPS. Ukraine’s banking system is generally in good shape, although at least 20% of the entire loan portfolio will be lost as a result of the war. In July 2022, for the first time since the beginning of the war in Ukraine, it made a profit. The leaders in the Ukrainian market are banks with 100% foreign capital and state banks. The results of the customer survey indicate that the most popular bank products include card accounts, settlement and cash services, currency exchange operations and money transfers, and the most popular banks are JSC CB "Privatbank" and JSC "Oschadbank". Among the respondents, 80,6% used Internet banking. The most popular Internet banking services include paying for utilities and mobile services, the Internet, cable television, checking account status, and transferring funds. 73,1% of respondents also used mobile banking. The most popular services in this area include making purchases in stores, checking the status of accounts and making payments, topping up a mobile phone and transferring funds. The interviewees consider service at bank branches and Internet banking to be the most secure. Only 20,9% of respondents are interested in innovations in the banking market. The conducted strategic analysis shows that within the framework of improving the product marketing policy of JSC "Oxi Bank" the range of offered products should be expanded, including and through collaboration with other financial and non-financial companies, as well as those services that can be provided using mobile and Internet banking. As part of the marketing and sales policy of JSC "Oxi Bank", it is necessary to search for its customers (both individuals and corporate ones, including those who moved to the West of Ukraine from other regions) using various direct marketing tools, in particular social networks, mobile marketing; attract financial and non-financial institutions in the field of sales of their products; develop a loyalty program for regular customers. JSC "Oxi Bank" was recommended to update its assortment with the product "Digital contactless wallet", the concept of such a banking product was developed on three levels and the main stages of its introduction to the market were proposed. The competence of the staff plays a significant role in servicing clients of JSC "Oxi Bank". To increase it, it is advisable to use trainings for the development of behavioral skills related to sales and customer service and to improve the system of material and moral motivation of personnel. Key words: market of banking products of Ukraine, marketing product policy of the bank, marketing sales policy of the bank, distribution channels of banking products, Internet banking, mobile banking, new product. References. 1. Abramovych I.A., Kvasova M.S. Marketynhova tovarna polityka ta yii osoblyvosti v kryzovykh umovakh hospodariuvannia. Ekonomika ta suspilstvo. 2022. № 39. 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