THE BANK'S STRATEGY AS A BASIS FOR THE IMPLEMENTATION OF NEW PRODUCTS AND SERVICES
Abstract
The article is devoted to the banking strategy for introducing new products and services on the example of OTP Bank. Components of strategy, peculiarities of strategic decision making are investigated. It is revealed that the strategic development of a banking institution is based on the implementation of the following types of strategy: corporate, business, functional. It is established that the purpose of the strategy is to maintain or increase the competitiveness of the banking institution. It is proved that the mission helps to define the essence of activity, scope, prospects and directions of development, different from competitors. It is substantiated that the strategy defines the goal of future development, limits of actions and management decisions in a banking institution. It is determined that the prerequisite for competitive development of a banking institution is the presence, formation and active use of competitive advantages, unique values in the form of tangible and intangible assets, strategically important areas of activity, which will make it possible to succeed in competition. It is found out that OTP Bank's banking products and services are constantly evaluated in comparison to existing and potential competitors. The Bank systematically reviews the risks inherent in products and services. It is proven that most customers prefer remote service and fast online solution to automated service processes. It was noted that the introduction of Lesya's work in OTP Bank allowed the operators to focus on solving more complex customer requests. Improvement of Internet banking has allowed to realize new possibilities of web version and mobile applications of the Internet banking system for individuals and operating systems, improvement of applications. It is established that OTP Bank's future activities are connected with digitization and remote channels of sale of banking products and services. It is revealed that the National Bank pays considerable attention to the prospects of development of the financial and banking sectors of innovation and digital solutions and monitors the development of the feint-industry, which will allow to increase innovation and competition in the payment market, to strengthen the protection of consumers of payment services.
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