THE IMPORTANCE OF MARKETING FOR FINANCIAL SERVICES

The Importance of Marketing for Financial Services

Abstract

Today's economic service organisations have moved from customary face-to-face trading to direct trading practices, encompassing telephone, posted letters, and computer technology. Consumer's preferences in the direction of face-to-face interaction versus direct means are empirically analyzed over 15 distinct economic goods and services. There has been a perception inside the commerce that certain buyers are receptive to this newer way of trading economic services, while other ones favour individual interaction. In supplement to the dissimilarities over buyers, there might be furthermore a larger degree of dissimilarities over the kinds of economic goods and services. In other phrases, there are certain economic goods and services more befitting for direct trading, while other ones are not so suitable. An important variety was discovered in buyer preferences over distinct economic goods and services, and the profiles of buyers are evolved founded on their preferences. Implications are drawn for evolving customer-oriented trading schemes, accepting customers' dissimilarities in their preferences in the direction of human interaction and self-service technology.

Acknowledgements

I would take this opportunity to thank my research supervisor, family and friends for their support and guidance without which this research would not have been possible.

Table of Contents

Abstract2

Acknowledgements3

Chapter 1: Introduction5

Problem Statement5

Purpose of the study6

Aims & Objectives6

Chapter 2: Context-setting: the industry/organisation7

Chapter 3: Theoretical notions and publications review14

Chapter 4: Information collection31

Chapter 4: Information collection31

Chapter 5: Analysis and understanding of the Information collected35

Chapter 6: Conclusions40

References49

Appendices62

Chapter 1: Introduction

  

Problem Statement

Due to very fast enhancement in know-how interior the last 30 years, the financial services part has moved from “face-to-face” swapping to direct swapping of items and services in the pattern of phone, dispatched notes, or computer transactions (Federal Reserve Board, 1997).

Although purchasers can blends with businesses utilising the conduit of their choice: if it is face-to-face or through direct means for demonstration dispatched notes, and Internet (Peppers and Rogers, 1999), the implication of routes in building attachments with customers has not been absolutely integrated yet. Addressing this theme, the cause of this study is to better appreciate how purchasers yearn to present financial enterprise with financial service providers. Specifically, we will provide the answers to the following questions: first, which financial items and services will purchasers purchase only through a face-to-face accumulating with a financial services enterprise representative? Second, which financial items and services will purchasers get precisely by phone, dispatched notes, or computer network? Third, which purchasers crave face-to-face interaction and are not responsive to direct swapping of financial items and services? Finally, which purchasers are responsive to direct swapping of financial items and services?

 

Purpose of the study

            The cause of the study is to enquire the implication of trading in economic service sector.

 

Aims & Objectives

We provide the answers to the overhead study inquiries by enquiring the 1998-1999 Macro Monitor details and figures provided by SRI Consulting Co., which is a comprehensive database of purchaser mind-set, behaviours, and motivations with address to financial items and services. By enquiring purchaser preferences for customary face-to-face swapping versus direct swapping, we can ...