Importance The research brings scientific novelty as competitors quickly replicate advanced methods and tools from each other when the market is saturated with a certain banking service. Objectives The research identifies the specifics of using the benchmarking technique at the current phase of the Russian banking market and emphasizes the importance of benchmarking as a tool to enhance the competitiveness of banking services in the domestic and international markets. We also analyze basic tools the Russian banks use to promote their products and services; examine how the Russian professionals apply the benchmarking technique and how conventional marketing tools may be improved with this technique. Illustrating practices of foreign entities, we overview basic issues and areas for benchmarking development in the Russian banking market. Methods The research involves methods of comparative analysis and systematization of data collected. Results The research constitutes a comprehensive overview of benchmarking and its application to increase the competitiveness of banking services. The article illustrates how foreign and national companies use this technique, and identifies the main reasons why national companies deny benchmarking. Conclusions and Relevance Benchmarking is not only an advanced technique for competitive analysis, but also a concept implying that the bank will strive to ongoing improvement, search for new ideas and adapt to ever changing conditions of the banking market. When benchmarking is put into practice, it is reasonable to consider long-standing expertise of foreign companies. In this respect, there should be special-purpose centers, which would assist banks in finding partners for benchmarking studies.
Keywords: banking service, competitiveness, business process, marketing, benchmarking
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