Innovation in Banking Marketing: from Traditional Products to Personalized Solutions

Abstract

This research investigates the transformative journey of the banking sector from a product-centric to a personalized marketing approach, driven by technological advancements and shifting consumer expectations. Traditional banking products are increasingly deemed insufficient in meeting the diverse and evolving needs of today's customers, prompting banks to prioritize customization. Through a comprehensive examination of industry trends and case studies, this study elucidates the strategic methodologies employed by financial institutions to tailor their offerings to individual customer requirements. It delves into the challenges and benefits associated with transitioning to customer-centric marketing, highlighting the pivotal role of emerging technologies such as artificial intelligence and big data analytics. By fostering a nuanced understanding of the evolving banking marketing landscape, this paper emphasizes the critical importance of innovation in reshaping customer experiences and sustaining competitive advantage in the financial services industry. CZU: 001.895:[339.138:336.71]; JEL: O31, M31