Possibilities of Improving the Bank Results by Using Modern Marketing Strategies in the Republic of Moldova

Abstract

The development and restructuring of the banking sector is heavily influenced by marketing opportunities. The research topic is relevant due to the banks' requirement to continually improve their performance indicators. Achieving this requires a profound understanding of marketing tools and extensive experience in the field. The challenges related to banking marketing include studying and segmenting the financial market, assessing the demand for banking services, optimizing the bank's price and product policy, positioning banking products, identifying market niches and target segments, and utilizing communication and sales methods. Resolving these issues depends on each bank's combination of resources, capabilities, and possibilities. By researching and adopting global banking marketing practices, it is possible to streamline the process of improving the efficiency of the domestic banking business while avoiding potential errors and challenges. The purpose of the paper is to explore international banking marketing practices to define its essence and contemporary strategies. The aim is to showcase how these practices can be implemented by banks in the Republic of Moldova and to identify effective solutions for organizing a successful banking marketing system, which will lead to better bank’ s performance. To achieve this purpose, the following tasks were undertaken: to research the banking market in the field of modern marketing strategies: analysis of social media and risks; to analyze the international innovation in the modern bank marketing practices; to define the role of marketing in making the banking business more efficient - the foundation of the methodological basis for evaluating the current state of the banking sector in the Republic of Moldova according to marketing requirements etc. The article was developed within the framework of Subprogram 030101 „Strengthening the resilience, competitiveness, and sustainability of the economy of the Republic of Moldova in the context of the accession process to the European Union”, institutional funding. CZU: 339.138:336.71(478); JEL: G21, M14, M31, M37, O31