AN OVERVIEW OF THE THEORETICAL BASES OF BANKING COMPETITION IN BULGARIA
Abstract
Competition is an indicator of how many market players are in a given market, what products they offer and what element of the marketing mix they will be. In this quest for supremacy, the main winners are also consumers because they have a greater choice of quality of goods and services and the opportunity to take advantage of the newer technologies in the business.
For a branch to function well, there is a need for a competitive force to drive it. Successful business means keeping up with your competitors and even trying to keep ahead of them. In this way, the business is experiencing the phenomenon of a continuous "race" that is profitable for both entrepreneurs and consumers.
The banking sector in Bulgaria is a typical example of a sector with a strong competitive environment. There are many banks with a certain range of banking products to meet the needs of different customer circles. Trends in the development of the banking market depend on many factors: market structure, legal framework, differentiation of various banking products, purchasing power of the population, etc.
The topicality of the topic is reinforced by the fact that the Bulgarian banking system in the near future and is yet to become part of the European Banking Union. This implies new banking regulations and corresponding new rules in the financial services market.Keywords
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