Co-Production & Marketing Innovation in Banking Services

The high level of competition among Russian banks is the driver of innovative solutions. Technical perfection of services is not enough to lure customers. Banks need to be closer to their clients in order to better identify their needs. Traditional processes of production are obsolete & do not allow to receive sufficient information to create competitive products that will meet users requirements. As a result, the co-production has acquired a high importance. It can be described as involvement of user of the service into the process of its creation. The purpose is to identify customer’s needs more accurately & obtain insights from customers which could help to improve services. In this process value of service is generated by user & company. The adoption of the co-production is important due to the growing competition in this area & emergence of new markets. The results show that more informed users, are more likely to participate in the process of creating services and new marketing strategies could help to setup co-production process.