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Customer Centricity and Product Innovation in Banking

Author

Listed:
  • Stefan Vachkov

    (University of Economics - Varna, Varna, Bulgaria)

Abstract

The digital transformation of "classic" banks is impossible without a reassessment of their previous strategic priorities. To fit into the "new normal", they must adjust their business and operating models to dynamically changing customer needs and experiences - the most authoritative critical parameter for "manufacturing" and offering products/services. At the same time, however, product innovation in banking faces a number of obstacles.

Suggested Citation

  • Stefan Vachkov, 2022. "Customer Centricity and Product Innovation in Banking," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 11(2), pages 3-12, August.
    • Handle: RePEc:vra:journl:v:11:y:2022:i:2:p:3-12
    as

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    File URL: http://su-varna.org/journal/IJUSV-ESS/2022.11.2/3-12.pdf
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    References listed on IDEAS

    as
    1. Michael Chui, 2021. "Money, technology and banking: what lessons can China teach the rest of the world?," BIS Working Papers 947, Bank for International Settlements.
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    More about this item

    Keywords

    banks; product innovation; customer centricity; digitalization; customer experiences;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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