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General Aspects of Bank Strategy on the Digital Transformation in North Macedonia

Author

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  • Filipovska Olivija

    (Komercijalna Banka AD Skopje, North Macedonia.)

Abstract

Change management in banking becomes more complex with a strong accent on the non-financial aspects to preserve sustainable development. The objective of this research paper is to promote powerful market interactions in the evolution of banking business models by exploiting the business model canvas method. The major banking business models in North Macedonia, identified by the method of cluster analysis in this paper were analyzed from the marketing perspective in order to present a generalized canvas of the commercial banking digital transformation aspects and strategy at the country level. The analysis was conceptualized over eight key strategic aspects. The visualization method was chosen to approach the relevance of stakeholders in the banking strategy and the value creation for society. Finally, this study concludes with the existence of substantial digitalization capacity of the banking institutions in North Macedonia, confirming its positive linkage with size, social responsibility, and international aspects.

Suggested Citation

  • Filipovska Olivija, 2023. "General Aspects of Bank Strategy on the Digital Transformation in North Macedonia," Zagreb International Review of Economics and Business, Sciendo, vol. 26(2), pages 203-214.
    • Handle: RePEc:vrs:zirebs:v:26:y:2023:i:2:p:203-214:n:1010
    DOI: 10.2478/zireb-2023-0021
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    More about this item

    Keywords

    banking business model canvas; strategy; innovations; social responsibility; sustainability;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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