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The possibilities of telecommunication networks allow the goods producers to cover broader markets. Many producers do not have possibilities for organization of the own sale network or the organization of such a network does not give potential profit for a goods producer. Use of tools of remote trading allows, however, to organize sale of goods without forming his own branching trading network in different world points.
The respective trend on introduction of forms of trade in distance is observed in traditional stores as well. The organization of proprietary Web shops, as well as additional services being provided through a network are assigned to such trends. Reservation of goods is the example of such services for particular buyers, at
the same time the goods which are really unavailable at a particular point of sale may be reserved. In this case the buyer is informed of the time in which he has an opportunity to acquire goods. The job by such a scheme is similar to a customer pickup service is morally perceived as goods' being bought at the same time by a buyer, as made in a certain point of sale.
Role of the internet network during stimulation of purchases of a proposed range of products is also high.
In conclusion, high role of a subsequent internet- of technologies during initial formation of an assortment of trade organizations, as well as during stimulation of its further implementation should be noted.
References:
1. Ivanov G., Mayorova E. Intangible assets and competitive advantage in retail: case study from Russia//Asian Social Science. - 2015. -T. 11, № 12. - P. 38-45.
2. Maslova A. E., Timyasheva E. T., Nikishin A. F. Factors that form an attractive image of trade organizations//Austrian Journal of Humanities and Social Sciences. - 2015. - № 7-8. - P. 146-148.
3. Nikishin A. F., Pankina T. V. The problem of involvement of clients in electronic commerce//Austrian Journal of Humanities and Social Sciences. - 2015. - № 3-4. - P. 15-17.
Tadjitdinov Karim, Applicant at Tashkent State University of Economics E-mail: [email protected]
Strategy of enhancing competitive advantages of a commercial bank based on an innovative approach
Abstract: The article considers the interrelation of competitive advantages and innovation activities of a commercial bank. The following four strategies are proposed and grounded to enhance the competitive advantages of the bank: strategy of qualitative renewal of banking products and services based on innovation, strategy of active expansion of sales of banking products, strategy of the gaining the great trust of customers and strategy of aggressive policy against target segments. Keywords: commercial bank, bank system, competition, competitive advantages.
The present stage of development of commercial banks in Uzbekistan is characterized by the growth of non-cash turnover and public demand for services associated with the use of plastic cards, serving non-cash payments, as well as by new means of communication in the management of the bank account. Under these conditions, complementary factor, which is meant to provide the competitiveness of commercial banks becomes their strategic development program based on the development and effective use of innovation potential, including the development of new banking technologies, products and services. This is reflected in the development of systems such as "Bank-Client", "Internet Banking", "Mobile Banking", "the SMS-Banking" and other.
Nevertheless, further sustainable development of commercial banks depends importantly on designing and implementing of new and innovative banking products and services based on information technologies. This will allow banks to improve and enhance the quality of banking services, thus creating a competitive advantage not only for the number of individual banks, but also for the entire banking system as a whole. Meanwhile, we can say that the expanded use of financial innovation leads to a strengthening of the position of credit institutions in the financial market, which is especially important in the conditions of competition for customers between the various commercial banks.
Innovative activity of commercial bank should be subordinated to its main objective, i. e. for maximum satisfaction of customer
requirements for the quantity and quality of services at the lowest possible cost for their development, implementation, delivery and profit making on this basis. Under conditions of tightening of competition, well-organized innovative activity will enable Bank to reach competitive advantages. Besides, competitive advantage is not some abstract concept, but a very real condition of the bank, which distinguishes it from other banks. The bank with competitive advantage, is attractive in the eyes of customers, has a high profit, is characterized by stable performance, and provides an example to be followed.
The efficiency and competitive advantages of a modern bank are impossible without strategic management of all aspects of its activities, including innovative. Monitoring of the development and innovation in the financial sector, the creation of this flexible process control system, and the availability of creative climate in the team could be key to a successful bank's implementation in the fiercely competitive, saturated with participants and products financial market. However, in the modern context, a Bank can reach specific competitive advantages only if its innovative activity is based on feasible strategies that set it apart from other credit institutions.
In our view, innovative activity of commercial bank, aimed at achieving competitive advantage should be based on the following strategies: a qualitative renewal of products and services based on innovation, the active expansion of sales of banking products, gaining the great trust of customers, an aggressive policy towards target segments (Fig. 1).
Strategy of enhancing competitive advantages of a commercial bank based on an innovative approach
Fig. 1. Strategy of enhancing competitive advantages of a commercial bank based on innovations
Strategy of qualitative renewal of banking products and services based on innovation. This strategy is aimed at promoting the maximum renewal of banking products by offering a qualitatively new services based on innovation. Here is a matter of qualitative upgrading of the offered products in order to better meet the needs of consumer. The updating of banking services should be based on the wide application of innovations. This strategy is developed and implemented to increase sales and it directly impacts on the bank's profits. The strategy favors the establishment of mutually beneficial relationships with customers and allows expanding its market share, thus will enhance the competitive advantages of the bank.
Strategy of active expansion of sales of banking products. This strategy is directly derived from previous strategy. The strategy of active expansion of sales represents the activity of offering customers new products or replacement of products, which had already been consumed in due time. This strategy provides a good profit and allows reaching advantages above its competitors. One of the main conditions for the success of this strategy is a logical sequence of new innovative services offered to the customer in the sales process. The products should be interesting and attractive for the customer and should be included in the package of services that can be proposed to sell at any moment. By means of analysis of the existing set of services, new products that haven't been enjoyed by the clientele served yet, but in which are to be necessarily interested potential customers, could be included in the proposed package for potential customers.
Strategy of the gaining the great trust of customers. It is obvious that customer trust depends not only on established close relations with the bank, but also on the number of products purchased by customer. Reliable and trusted customer purchases more products, costs less, and usually brings a large income, because he wills to pay a high price for high quality service and a trusting relationship with the sales point. For the development and implementation of the strategy of the gaining the great trust of customers, it is required to have adequate marketing tools and information systems, based on innovative technologies.
This requires that bank employee, who directly contacts the client, has full information about client. This suggests that the bank staff should have full information about the client's relationship with the bank. In this case, it is about creating a trusting relationship with the client by offering him the bank product, the need for which arises from the fact that every client is different from the other and, therefore, expects that its service will be individual, acceptable only for him. As a first step in the implementation of this strategy the nominal list of clients should be made with the help of Client's profile card.
Strategy of aggressive policy against target segments. Customers, who are satisfied with the bank services, become active agents of sales promotion policy of banking products. Customers themselves advertise the bank on the positive side to their family, friends and colleagues. This helps to simplify the banking activities for customer engagement. First of all, strategy of the gaining the great trust of customers should be implemented towards existing ones, with a focus on those customers, who are included in the target segments. The Strategy highlights aggressive policy, which should be conducted to potential clients by winning their confidence to tout bank products. Finally, it will lead to forming of new target segments, which will enhance the competitive advantages of the commercial bank.
The successful use of aforementioned strategies directs the bank to achieve competitive advantage through the implementation of organizational, informational and technological innovation. Such strategies are designed for banks participating in the implementation of promising but risky innovative projects. Examples of such banks are credit and financial institutions that implement information and network technology, as well as implementing processing systems and other innovative products that provides quick transition to a qualitatively new provision of banking services demanded by customers.
Conclusions: In order to form and achieve competitive advantages, a commercial bank should develop and implement the abovementioned strategies as well as to create certain conditions. First of all, based on the analysis of customer needs and the latest achievements of the competitors, innovation activity should be
continuously innovated in the bank, as well as new banking products should be introduced and developed. These features of the bank relate to the specifics of the bank, which is an innovative structure of the economy with highly qualified, initiative and professional employees. In addition, the bank differs in dynamic abilities in rapid implementation of customers' need and in adapting to business environment changes. This distinguishes the bank from other
entities of the economy, because of the appeal of its brand, image and efficiency of business processes, and other intangible assets, including the knowledge and professionalism of the staff. To increase the effectiveness of the proposed policies, it is necessary not only to develop and apply the correct strategy, but also take into account the interrelation of the strategy, organizational structure, culture and management practices.
References:
1. The state of the monetary sphere in 2015 and the main directions of monetary policy in 2016 (in Uzbek).
2. [Electronic resource]. - Available from: http://www. cbu.uz
