Factors influencing customer loyalty in the banking sector of Russia

This article explores the factors shaping customer loyalty in the banking sector of Russia, providing an overview of various approaches to defining the concept of loyalty in the market of banking services. The research encompasses the current state of customer loyalty levels in Russian banks and analyzes its dynamics, including annual variations. The article also meticulously examines the factors influencing the formation of customer loyalty in banks and identifies barriers hindering this process. Special attention is given to the advantages offered by the implementation of loyalty programs for businesses in the banking sector. Analysis of these aspects ensures a comprehensive understanding of the dynamics and peculiarities of customer loyalty in the Russian banking sector, serving as a foundation for the development of effective customer experience management strategies and the enhancement of the competitiveness of banking institutions.