Economy & Business, Volume 13, 2019

Abstract: Competition is a core element of our accelerated, globalized world, an integral part of every aspect of life. It is present in our workplace, it is present in our daily lives, so it does not spare any sector. The main feature of the globalized world is the abundance of supply in all areas of products and services. It is present in the consumer goods market but also in the banking sector. Because of the latter, banks need to bring new innovations to the market, along with the development of their existing products, in order to retain and serve their customers. The banking industry is also challenged by the advancement of the FinTech industry, which, with its significant innovation capacity, is challenging traditional banking. The purpose of this paper is to showcase the classic banking sector products that are considered most important to different generations of responding clients, drawing attention to developing key areas to retain existing clients or attract new clients.