Abstract:

Due to the dynamically changing external environment, private banking market entities, both producers/sellers of a specific banking product and wealthy consumers make strategic and tactical decisions in conditions of a high degree of uncertainty. The article analyzes controllable and uncontrollable environmental factors that influence the development of the banking services market, and shows the main problems and trends of this market. At the same time, the authors analyze the reaction of economic entities of the market to the influence of these factors that pose threats and opportunities for market development. The research was based on a specially developed methodology, which includes mainly qualitative methods in the form of in-depth interviews with market experts and consumers of private banking services. Banks that provide a full range of banking services to wealthy Russian consumers were selected as sampling units, in which 70-75% of attracted funds of individuals were consolidated. The authors revealed that moving towards an open banking system, tightening compliance requirements, instability of the political and economic situation, consolidating the business and reducing the degree of competition between banks, distrust of wealthy consumers in the Russian banking system, digitalization of service, staff qualifications are important challenges for business entities of the private banking services market. As a response of banks to existing challenges, the following areas of market development were identified: active regional development of banks, consumer segmentation both by demographic, psychographic and behavioral characteristics; service differentiation for target segments, changing the structure of the Bank's portfolio through the development of investment expertise both in terms of sales ethics and product line filling, remote service channels development; creating their own programs for training high-quality personnel.