Development of Electronic Communications in the Financial Market-Based System

R.A. Ramazanov
International Journal of Economics & Business Administration, Volume VII, Special Issue 1, 86-92, 2019

Abstract:

Purpose: The article aims at revealing opportunities for forming long-term effective partnership communication with the consumer in the financial market. It elicits prospects for the development of communications in the financial market, considers reactions as responsive behavioral switching nodes evolving in the course of interaction and defines opportunities for forming long-term effective partnerships with consumers. Design / Methodology / Approach: To provide information for marketing communications in the financial market and ensure security, it is necessary: first, to study possible risks of communication and problems which are likely to happen in the course and as a result of interaction and counteraction to hostile manipulations in the information network; second, to provide protection of consumers and target groups’ rights and cooperation with public authorities in the field of information and communication security; third, to monitor staff activities; fourth, to entail market research and analysis of new segments, market stakeholders of traditional and innovative services. Findings: To enhance effectiveness of electronic communications in the financial market-based system, a set of measures for information support of marketing communications in the financial market has been elaborated to further ensure security. The technique of modern PR-communications in business is a universal tool of marketing technologies designed to create favorable public opinion and a positive perception of a certain economic entity. At the same time, maximum coverage implies forecasting the future development of the market situation in the financial market and establishing contact with the interested audience. Practical implications: The results of the study can be introduced into management practice to adapt the existing system of banking products distribution to innovative market demands and indicators of hidden and unmet demand and to develop and ideally implement innovative banking services. Originality/Value: The major contribution of this research is to identify prospects for communications development in the financial market and form reactions as response behavioral switching nodes arising in the course of interaction.


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