How a New Thinking Determines the Future of (Small) Banks

Abstract

Marketing has proven itself to be a constantly evolving business. One of the most famous minds who has been analyzing the marketing development for many decades is the well-known economist Philip Kotler. Banks need to adapt to these developments if they aim to survive. This task becomes much more urgent considering the fact that young, small, flexible and technology-updated financial companies such as FinTechs have been increasingly interfering with the established banking industry. As a result, traditional banks must react fast. The competition for the redistribution of market shares has long been in progress. In the current market, the size of a bank alone is no longer a guarantee of success. Rather than “the big ones eating the small ones”, banking, similar to other businesses nowadays, is the “fast” eating the “slow” ones.