Innovational approaches to attracting people savings in the modern economy

Authors:
N.A. Baburina1, E.A. Tarkhanova1, O.B. Fedorova2
1. University of Tyumen (Tyumen, Russia)
2. Industrial University of Tyumen (Tyumen, Russia)
Section:
Innovative Management
Pages:
187 - 197
Language:
Russian
DOI:
10.21272/mmi.2017.3-18


Annotation

Under the conditions of unfavorable economic environment, influence of economic sanctions, pressure of problems of funding and liquidity, it is the deposits of the population that become the main source of the formation of the resource base of commercial banks. The population's deposits and savings play a key role in the formation of the resource base of commercial banks. Their financial stability and liquidity, as well as the completeness of the transformation of savings into investments depend on the effectiveness of the activity of credit institutions in attracting cash and deposits. In these conditions, banking innovations aimed at attracting population savings represent particular importance both for the banks themselves and for their customers.

Our paper describes innovative approaches to attracting household savings by banks and the features of accumulation of these savings by credit institutions in savings and key determinants that influence these processes in the current economic conditions. The paper demonstrates the dependence of the population's contributions on changes in the economic situation, financial markets, savings activity of the population, institutional conditions for the formation of the portfolio of deposits of individuals.

We show that when forming the resource base by attracting the savings of the population, commercial banks face a number of problems. The challenge for banks is a negative economic environment and unfavorable financial market conditions, which significantly affects the savings activity of the population, predetermining the preferences of depositors, affecting the structure of the bank's portfolio of retail deposits and the concentration of the deposit market. Moreover, the shrinkage of financial opportunities of investors in the current economic conditions exacerbates the competition for investors and temporarily free cash resources of the population. Another problem is the lack of a statutory restriction on the early withdrawal of funds from the deposits of the population, which impedes the effective planning and management of financial resources on deposits of individuals and reduces the effectiveness of banking activities. Our results show that the current challenges are the imperatives of attracting savings to the deposits of commercial banks.


Keywords
banking innovations, savings, loans, marketing, commercial banks


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