Contents

List of gures List of tables List of exhibits Acknowledgements Introduction Background to the book Core themes Who is the book intended for? Distinctive features Pedagogy Contributors About the authors 1 Marketing and nancial services: an overview Learning outcomes Introduction What are nancial services? The nancial services industry Marketing Marketing services Components of services marketing Financial services Technology Corporate social responsibility After the credit crunch Summary References Further reading Exercises Case study: Long live mutuality! The friendly society 2 The nancial services environment Learning outcomes Introduction The nancial services environment Political/regulatory environment Regulatory bodies Europe Basel Accord Economic environment Eurozone xiv xvi xviii xx 1 2 2 2 3 3 3 4 5 6 7 7 12 13 16 18 20 22 22 22 23 24 24 25 25 29 30 31 32 33 34 36 38 39 39

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The natural environment Recycling and green behaviours Sustainability Socio-cultural environment Technology The stakeholder environment Competitors Brokers and intermediaries Suppliers Employees Management Strategic partners Customers Shareholders Summary References Further reading Exercises Case study: Financial services in China a case study of the credit card 3 The nancial services customer Learning outcomes Introduction Consuming nancial services Taking decisions Decision-making units Alternative perspectives on consumption Risk Involvement Satisfaction and dissatisfaction Customer loyalty Customer switching and inertia Persistency Business behaviour Summary References Exercises Further reading Case study: Consumer attitudes to nance and pensions a Swedish case study 4 Segmenting and targeting the nancial services marketplace Learning outcomes Introduction

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What is segmentation? Consumer segments Predetermining segments Behavioural segmentation Dynamic segments Internet users Segmentation practice Business segments Organizing segmentation Organizational structure Double-checking Targeting Positioning Summary References Exercises Further reading Case study: Customer segmentation in Swiss retail banking 5 Information regarding marketing nancial services Learning outcomes Introduction Researching the marketplace Organizational learning Customer relationship management (CRM) Customer value Size of wallet Share of wallet (SW) Cross-selling and up-selling Customer attrition Customer persistence Satisfaction and share of wallet Loyalty programmes Organizing information Ethics in research and information management Summary References Exercises Further reading Case study: Expatriates 6 Relationship marketing in nancial services Learning outcomes Introduction

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Relationship marketing Developing a central element to the relationship Personalize the relationship Increasing the central element by offering extra benets Making employees aware that they are immediately responsible to the customer Relationships with stakeholders Business relationships Cross-cultural relationships Relationship outcomes Customer satisfaction Trust and commitment Relational benets Internal marketing Relationship lifecycle Digital relationships Managing business accounts Connecting with consumers Summary References Exercises Further reading and references Case study: Managing customer relationships in Irish retail banking 7 Building and sustaining the nancial services brand Learning outcomes Introduction What is a brand? Branding in nancial services Developing the brand Extending the brand Sustaining the brand Corporate branding and identity Product branding Own label Partnerships Re-branding Stakeholders Communities Branding to the customer Branding responsibly Stakeholder branding Branding in a digital environment Brands in a global environment

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Brand equity Summary Exercises References Further reading Case study: Re-branding a major Russian nancial group the Alfa Banking Group 8 Creating value: The nancial services product Learning outcomes Introduction The nancial product Value and benets Bundling The service performance Service setting The customer experience Value co-creation New product development Product elimination Service quality and delivery Service recovery Afnity marketing Summary Exercises References Further reading Case study: Pay as you go or not? 9 Pricing and value in nancial services Learning outcomes Introduction Costs Pricing objectives Increase market share Prot maximization Product quality leadership Pricing strategies Penetration or low pricing Price bundling Relationship pricing Risk and pricing Pricing by channel Fixed pricing The customer New and existing customers

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Perceptions and awareness Evoked set Price satisfaction Perceived value and consumption Summary References Exercises Further reading and information Case study: Price satisfaction in Austrian banks 10 Distributing nancial services Learning outcomes Introduction Distribution Channel strategy Adoption of channels Branches Financial services intermediary Price comparison information Remote banking Automated telling machines (ATMs) Telephone Mobile banking Internet Multichannel banking Managing multiple channels Consumers and multiple channels Summary Exercises References Further reading Case study: Crdit Agricole a multichannel mutual bank 11 Communicating in the marketing of nancial services Learning outcomes Introduction The communications loop Message sender and recipient Selecting the target audience Source and interpretation of message Did it work for you? Marketing communication objectives Needs recognition Finding customers Building the brand Overcoming alternatives

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Deciding to purchase Retaining customers and relationships Marketing communications strategy Pull strategy Push strategy Prole strategy Communications and quality Determining budgets Marketing communications mix Advertising Direct mailing M-technology Sponsorship Word-of-mouth Personal selling Public relations Blogging Communicating in a global marketspace Summary Exercises References Further reading Case study: The ASA and Alternative Finance Group Ltd 12 Marketing strategies in nancial services Learning outcomes Introduction What is strategic marketing? Competitive strategies Marketing strategies Being offensive Protection strategies Social responsibility and stakeholder thinking Relationships and brands Brands as relationship builder The immediate future? The rise of the alternatives Marketing more than ever Summary References Further reading Exercises Case study: Tesco the rise and rise of a food retailer Index

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