Improvement of Premium Banking Services: The Need and the Potential
The need for a transition to an intensive and innovative development path is overdue in the banking system of Russia. The quality parameters of the premium banking service program for top-5 banks were analyzed. Factors of interest to the banks and their clients were identified. Suggestions on possible ways to improve premium banking programs were formulated. For the analysis, the authors selected banks with the most interesting bonus programs. The contextual analysis of the qualitative parameters of the premium banking programs allowed identifying these programs’ important components and possible problems. These are: the digitalization of banking services, which actively penetrates the segment of the wealthy client; lower business margins; search for the real value of a premium service for the customer. In the authors’ opinion, the most urgent problem is the combination of trends in the digitalization of the banking services and the needs of individualization of the approach to servicing a premium client. The main directions for improving premium banking programs were formulated. They are associated with improving the skills of the program staff; searching for new additional offers and organizing operational feedback for this; expanding the line of financial products offered to premium customers, for example, investment and insurance products, legal services. Premium banking provides a premium client with a special status in terms of service individualization, involves working with target segments, and offers bonus programs of banking products and services aimed at specific target audiences. Therefore, premium banking encourages the bank to identify and differentiate different target groups (audiences) by income level, investment goals, etc.; to conduct events (training seminars, conferences, presentations) to attract individuals to the financial market. Premium banking provides a balance between the economic interests of the company, the financial market and the banking system, commercial banks and individuals. Therefore, the task of developing this segment of the banking services market becomes relevant, meeting the modern needs of the economy. Primarily, the introduction and improvement of premium banking are beneficial to commercial banks themselves, as it increases their level of competitiveness, contributes to the formation of customer loyalty, thus allowing for a more complete satisfaction of customer needs in special services. Currently, improvements in premium banking could also contribute to raising the financial awareness of private clients concerning investment opportunities in the financial markets that would provide effective and balanced development of the financial market of Russia.