Index

  •  
  • adviser charges 42, 79–80
  • aggregators (price comparison websites) 31, 35–6, 57, 171–2
  • AI (Artificial Intelligence) 136
  • AIDA (attention/interest/desire/action) 207
  • annuities 41–2, 56, 80
  • anticipating customer requirements, use of term in definition 9
  • APR (annual percentage rate), lack of understanding 191–2, 198, 201, 206
  • Artificial Intelligence (AI) 136
  • asset management
  • associative trust 173
  • Atom Bank 5, 119, 167
  • attitude to risk (ATR) questionnaires 198, 201–4
  • auto-enrolment in pensions 35, 55, 69, 80–1, 83, 144–5
  • automotive industry 17, 161, 163, 185, 205, 232
  •  
  • b2 (Barclays investment brand) 122
  • back office/front office divide 262–3
  • balance transfer cards 43, 252
  • banks/banking
    • challenger 5, 43, 125, 172, 200, 214–15
    • current accounts 44–5
    • customer experience 274–80
    • history 27
    • limited role in investments market 76
    • stated company purpose 105–6, 110–11
    • see also individual banks
  • Barclaycard 30, 33, 252
  • Barclays 30, 59, 105–7, 112, 122–3, 227, 259–60
  • Behavioural Economics (BE) 6–7, 140–55
  • benchmarks of marketing effectiveness 234–5, 241
  • benefits, customer perception 166–8
  • “best possible outcome”, aim of financial services 22–3
  • big data 126–39, 187–8
  • boring marketing 195, 200, 205–6
  • branch location 27, 34
  • brand awareness 205–6, 224, 225
  • brands/branding 216–33
    • brand architecture 231–3
    • brand building failure in financial services 216–17
    • cards 42
    • children's perception 205–6
    • company culture 124–5
    • consistency importance 257–9
    • costs 219, 222, 227
    • customer experience 220–1
    • definitions 217–19
    • development of marketing 2
    • differentiation 87, 124–5, 221, 222, 260–1
    • financial advice 46
    • house of brands versus master brand approaches 226–8
    • icons 228, 246, 280
    • name awareness comparison 222, 224–6
    • organising ideas 258–9
    • product promotion versus brand building 231–3, 246, 268
    • science of brand valuation 200
    • semi-autonomous brands and sub-brands 110, 118–19, 122–3, 129, 226, 228, 231–2
    • value measurement 220
    • value of a strong brand 221
  • brand tracking 240–1
  • the brief, communication problems 254–6
  • commission 28, 29, 36, 47, 51, 77
    • replacement by adviser charges 79–80
  • communication
  • comparethemarket.com 257, 260, 262
  • competition 270
  • complexity
    • complicated product failure 51–2, 71–2, 95, 197
    • disastrous consequences 137
    • necessary in marketing communications 245–64
    • personalisation relationship 250
    • reducing in writing 190–204
  • complex organisations see large/complex/long-established firms
  • compliance, see also regulation
  • compliance function importance in company 18
  • confidence in financial advisers 78
  • consistency
    • importance in products and services 2–3, 46
    • irrational behaviour 142
  • consolidation, advice industry 81, 83, 84, 85, 86
  • consumer marketing
    • fast-moving consumer goods 2, 8, 10, 11–12, 89, 265–7
    • gap between financial services and other industries 226, 231, 265–73
  • consumers see customers
  • content marketing 259–61
  • contractors, effects on culture 123
  • Co-operative Bank 108, 178, 230
  • core idea in brand building 221–2
  • corporate purpose 98–114
  • costs
    • acquiring customers through direct marketing 253–4
    • budgets for brand building 213, 219, 222
    • competition for customers money 270–1
    • house of brands versus master brand approaches 227
    • of innovation 162, 164–6
    • measuring effectiveness 240–1
    • rebuilding trust 183–4
    • and value of services 24–5
  • Coutts bank 70, 129, 131, 219, 230, 232
  • creepiness, highly personalised communications 130, 132, 134, 250
  • critical illness insurance 44, 78, 198–9
  • cross-selling new products to existing customers 164–5
  • CSAT (customer satisfaction score) 243
  • culture
    • bad management 119–21
    • brand differentiation 124–5
    • of FCA 115–16, 117
    • of firms 115–25
    • rhetoric at odds with behaviour 119–21
    • small/new versus large/old companies 121–3
  • current accounts 27, 44–5, 183, 186
  • customer-centric approach 63–73
    • content marketing 261
    • innovations 171, 200
    • marketing-centric comparison 19
    • mass marketing/individualised marketing relationship 248–50
    • problems for large old firms 249–50
    • product-centric approach relationship 248–9
    • test 111–12
    • see also personalisation
  • customer data see data…
  • customer experience marketing
    • banks 274–80
    • coming from other service industries 266
  • customer outcomes, optimal versus satisfactory 22–5
  • Customer Relationship Management (CRM), IT systems 266
  • customers
    • attitude to guarantees 41, 170–1
    • choice of products 23–5
    • defining purpose of the firm 99, 104–5
    • disengagement/engagement 20–2, 65–6
    • historical factors and changes 27–9, 33–7
    • insight-based innovation 169–71
    • marketers representing within company 17, 19
    • mismatch with company executives 112–13
    • need for simplicity 71–2
    • not understanding financial services 20–1, 31, 50, 65–6, 72, 160, 170
    • past failure to meet their needs 4
    • patronising attitudes towards 63, 67, 112, 116
    • perceptions of benefit and risk 166–8, 171
    • pictures on websites 111–12
    • reasons for ignoring marketing 208–9
    • selling versus marketing attitudes 38
    • trust in financial services industry 64–5, 173–89
    • what do they value 69–71
  • customer satisfaction scoring systems 243
  •  
  • data-driven approach to marketing 133–9
  • data integration, company mergers and acquisitions 133–4
  • data protection 132–3
  • data sharing, Payment Services Directive 45, 82, 132
  • data usage
    • customer distrust 132, 187–8
    • potential 126–39
    • risks and benefits 132
  • defined benefit (DB/final salary) pensions 29, 35, 55
  • defined contribution (DC) pensions 35, 41, 55, 56
  • defining purpose of the firm 98–114
  • design, learning from non-financial marketing 268–9
  • differentiation, brands/branding 87, 124–5, 221, 222, 260–1
  • digital economy
    • advances and effects 6, 31, 126–39
    • dot.com boom 30, 31, 33
    • financial advice 76–7
    • inability of customers to judge size and stability of firms 251
    • innovation 162–3, 169, 171–2
    • investment platforms 80
    • mobile technology 72–3
    • past predictions 126–8
    • price comparison websites 31, 35–6, 57, 171–2
    • see also data
  • digital investment services (robo advice) 58–9, 82, 125, 162, 168, 253
  • digital marketing
    • benefits and problems 31–3
    • individualised marketing 130–1, 138–9, 214, 248–51
    • lack of understanding 137
    • measuring effectiveness 240, 242
  • Direct Line Group 52, 57, 78, 124, 245–6, 262, 280–6
  • direct mail strategies 147–8
  • direct marketing 23–4, 140, 145–9, 252–4, 286–90
  • direct product provision to consumers 74, 75
  • disruptive innovation 157–8
  • do-it-yourself (DIY) investment services 58–9, 82, 135
  • Duffield, John 213
  • dumbing down complex concepts 197, 199, 200
  •  
  • early adopters of innovative products 160, 165
  • education, financial literacy 65–6
  • effective APR 191–2
  • effectiveness, Financial Services Forum Awards 86, 234–9, 274–90
  • effectiveness of marketing, measurement 234–44, 277–80, 283–6, 288–90
  • email, marketing messages 129–31, 250
  • emotional influence on decision making 25, 42, 142–4, 273
  • emotional trust 174–89
  • engagement
  • Equitable Life 28
  • equity release 45
  • ethics and morality 101, 179–80
  • EU initiatives, Payment Services Directive 45, 82, 132
  • existential trust 174, 179, 185
  • experiential brand building 220–1
  • external shareholder relationship with business 103–4
  •  
  • face-to-face selling/advice 28, 36, 76, 82, 204, 271
  • family traditions 27, 34
  • fast-moving consumer goods (FMCG) 2, 8, 10, 11–12, 89, 265–7
  • federal business model versus centralised organisation 227
  • final salary (defined benefit) pensions 35, 55
  • financial advice 45–6
    • belief in “best possible outcome” 22, 23
    • costs and value 24–5
    • development and change 45–6
    • robo advice 58–9, 82, 125, 162, 168, 253
    • wealth management 61–2
  • financial advisers see intermediaries
  • Financial Conduct Authority (FCA) 22, 23, 36, 79n, 80, 115–17, 191
  • financial products 39–62
  • Financial Services Authority (FSA) 36, 79, 116
  • Financial Services Forum 5
    • importance of branding 91
    • Marketing Effectiveness Awards 86, 234–9, 274–90
    • qualifications and experience 88
    • quantitative research 9, 15–16, 88–91
    • role of marketing 9, 15–16, 89
    • view of current marketing quality 89–90
  • First Direct 117–19, 178, 193n, 194, 222n, 228, 230
  • fiscal policy, history and change 29, 36–7
  • flagship stores concept 268
  • FMCG (fast-moving consumer goods) 2, 8, 10, 11–12, 89, 265–7
  • focus, small simple young businesses 229–30
  • Ford, Henry 156–7, 158
  • foreign currency exchange (FX) 61
  • free banking 44–5, 183
  • free gifts 148, 154, 246
  • front office/back office divide 262–3
  • FSA see Financial Services Authority
  • functional trust 174–5, 179, 185
  • funds/fund management 46–8, 85, 86, 196, 232
  • FX see foreign currency exchange
  •  
  • gambling 41, 48–9
  • GDPR (General Data Protection Regulation) 132
  • guarantees, attitudes to 41, 42, 170–1
  •  
  • Halifax 178n, 223, 227, 228
  • Hargreaves Lansdown 59, 109, 110–11, 112–13, 230
  • heritage brand identity 223
  • high-net-worth (HNW) individuals 70, 81, 83
  • history
    • development of marketing 2
    • financial services 27–9, 34, 44–5
    • growth in financial services 33–4
    • less need for marketing 27–30
    • regulation of financial services 29
  • hobbyist investors 59, 161, 165, 207–8, 210, 211
  • house of brands approach 226–7
  • HSBC 224, 226–7
  • hyperbolic discounting 150, 153
  •  
  • importance of financial decisions 21
  • income replacement insurance 49
  • incremental innovation 157–8
  • independent financial advisers 29, 83
  • individualised/mass marketing relationship 130–1, 138–9, 214, 248–51
  • information asymmetry 20–1, 31
  • innovation 156–72
    • buying in start-ups 168
    • customer lack of interest 160
    • disruptive versus incremental 157–8
    • four-point success test 166–8, 171–2
    • hostile corporate climate 160
    • insight-based 169–71
    • testing and implementation 161
  • insights
    • developing marketing strategy and tactics 236, 242
    • role in innovation 158, 169–71
  • insurance
    • assurance distinction 50
    • critical illness insurance 44, 78, 198–9
    • history 28, 35–6
    • income replacement/permanent health insurance 49
    • motor insurance 52–3
    • payment protection insurance/PPI 69–70, 184, 192, 272
    • private medical insurance 57–8
    • prospect theory 150–2
    • social media 280–6
    • travel insurance 61
    • use of individual data 136
  • interest rates 45, 53, 60, 191–2
  • intermediaries 74–87
    • Adviser Charges 79–80
    • bad practices 79
    • changes in advice industry 80–4
    • commission 28, 29, 36, 47, 51, 77, 79–80
    • consolidation in advice industry 81, 83, 84, 85, 86
    • marketing to advisers 77–8, 84–7
    • numbers 76
    • reaction to innovation 166
    • within service provider companies 83
  • intermediated activity, effects of brand advertising 247
  • investments
    • digital platforms 80
    • do-it-yourself services 58–9
    • intermediaries 76–83
    • see also funds
  •  
  • Kotler, Philip 10
  •  
  • language, improving writing styles 72
  • large/complex/long-established firms
    • branding problems 222–4
    • buying in innovation start-ups 168, 213
    • data-driven approach to marketing 133–4
    • house of brands versus master brand approaches 226–8
    • lack of shared purpose 102–3, 107–8
    • problems building culture/values 121–2
    • problems finding customer-centric approach 249–50
  • Law of Small Numbers 142
  • lead-generation, measuring marketing effectiveness 241–2
  • lead-in interest rates 60
  • Legal function, importance in company 18
  • legislation
  • lending 50–1, 53–5, 161, 200–1
  • life assurance 49–50, 67–8, 136, 271
  • life insurance 23–4, 198–9
  • Lloyds Bank/Lloyds Banking Group 106, 120, 226, 227, 228
  • long-established firms see large/complex/long-established firms
  • loss aversion 41–2, 60, 138, 142–3, 146, 287
  • loyalty, bonuses or penalties 267–8
  • luck, successful innovation 158–9
  •  
  • McDonald's 159, 205, 210n
  • Machine Learning (ML) 136
  • management process of marketing 9, 11
  • managing trust 186–9
  • market communications (marcomms)
    • engagement focus 245, 246
    • importance 14–15, 89, 245
    • measurability 245
    • multilayered programmes 245–6
    • need for complexity 245–64
    • predicted changes 248–64
  • marketers
    • control and influence in company 12–19
    • representing the customer 17, 19
  • marketing definitions 8–11
  • marketing department, challenging concept 11
  • marketing formula, three questions 111
  • marketing techniques from other sectors 267–9
  • Mars company 8n, 158–9, 226, 231, 258, 270
  • mass/individualised marketing relationship 130–1, 138–9, 214, 248–51
  • master brand approach 226–7
  • measurement, effectiveness of marketing 234–44, 277–80, 283–6, 288–90
  • measuring marketing effectiveness 97, 234–44
  • media
  • medical insurance see critical illness insurance; private medical insurance
  • mega-trends in financial services 169
  • metrics 236–44, 277, 283, 288–9
  • Metro Bank 5, 161–2, 170
  • micromarketing 3
  • middle men see intermediaries
  • Midland bank 44, 228, 268
  • mis-selling 52, 69–70, 177, 183–4
  • mnemonics of marketing (four Ps/seven Ps) 11–19, 32
  • money, interest in compared to financial services 209–11, 271
  • Moneybox (BBC Radio 4) 211
  • money purchase (defined contribution) pensions 41, 55, 56
  • Money Saving Expert (Martin Lewis) 25, 211
  • morality and ethics 101, 179–80
  • MORE TH>N 110, 122, 229
  • Mortgage Market Review (MMR) 83
  • mortgages 51–2, 71–2, 83–4, 197
  • motor insurance 52–3
  • multilayered market communications programmes 245–6
  • mutuals and building societies 223
  •  
  • objectives in marketing 234, 239–40
  • objective standards for financial services 22–5
  • offset mortgages 51–2, 71–2, 197
  • Old Mutual Wealth (Skandia Life) 247n
  • One-to-One Future (Popper and Rogers 1993) 126–9
  • Open Banking see Payment Services Directive
  • optimal outcome versus satisfactory outcome 22–5
  • opt-out versus opt-in 145
  • organising ideas, brand strategies 259–60
  • Over 50s Plans 50
  • Oxford Risk questionnaire 201–4
  •  
  • payday lending 53–4, 200–1
  • payment protection insurance (PPI) 69–70, 184, 192, 272
  • Payment Services Directive (PSD2) 45, 82, 132
  • peer-to-peer lending 54–5, 161
  • Pension Freedom reforms 37, 41, 55, 56, 80
  • pensions
    • accumulation 55
    • auto-enrolment 35, 55, 69, 80–1, 83, 144–5
    • competition with non-financial service spending 270, 271
    • decumulation 56, 86
    • defined benefit 29, 35, 55
    • defined contribution 35, 41, 55, 56
    • difficulty in saving enough 69
    • history and change 28, 29, 35, 37
  • People, one of seven Ps of marketing 12–19
  • permanent health insurance 49
  • personal experience of problems 177
  • personalisation
    • complexity relationship 250
    • digital technology effects 129–30, 135, 187–8, 250
    • mass marketing/individualised marketing relationship 138–9, 214, 248–51
  • PESTLE (political/economic/social/technological/legal/environmental) analysis 80, 163
  • Physical Evidence
    • one of seven Ps of marketing 12
    • role of marketers 12–19
  • Place, one of seven Ps of marketing 12–19
  • planning marketing activity, research-driven approach 241–3
  • Police Mutual 286–90
  • PPI see payment protection insurance
  • predictability of behaviour 142, 153
  • premium brands 24, 70
  • Price, one of seven Ps of marketing 12–19
  • price comparison websites (aggregators) 31, 35–6, 57, 171–2
  • “priming” audiences 148–9
  • privacy issues 132
  • private medical insurance 57–8
  • Process, one of seven Ps of marketing 12–19
  • process of marketing, use of term in definition 9, 11
  • Product, one of seven Ps of marketing 12–19
  • product branding 226, 231, 268
  • product/price/place/promotion/people/process/physical evidence (seven Ps) 12–19, 32
  • products, services distinction 40
  • profitability, importance in marketing definition 9
  • Promotion, one of seven Ps of marketing 12–19, 89
  • promotional marketing 267
  • prospect theory 150–2
  • Provider-Facilitated Adviser Charging 79
  • Prudential insurance 74, 79, 223, 247
  • psychology 140–1, 173
  • purpose of the firm 98–114
  •  
  • questionnaires 88–9, 198, 201–4
  •  
  • “rational consumer” concepts 25, 141, 144
  • RBS bank 106, 110–11, 122, 227
  • RDR (Retail Distribution Review) 79, 80, 81
  • regulated financial services 76–82
  • regulation
    • acting against simplification 191–2, 198, 208
    • effects on innovation 160–1, 163
    • funds industry 48
    • history and change 26, 29, 34, 36
    • providing “perfect” information 144
  • relationships with brands 225
  • relationships with customers 10–11
  • requirements of customers, use of term in definition 9
  • research-and-measurement-based approach to marketing 241–3
  • restoring/rebuilding trust 173, 178, 179–86
  • Retail Distribution Review (RDR) 79, 80, 81
  • return on investment (ROI) 130–1, 239–40, 250
  • rhetoric at odds with behaviour 100–1, 106–7, 119–21
  • risk
    • avoidance in advertising 251–2
    • customer perception 168
    • questionnaires 198, 201–4
  • risk-benefit balance in innovation 166–8
  • risk function, importance in company 18
  • robo advice (digital investment services) 58–9, 82, 125, 162, 168, 253
  • ROI (return on investment) 130–1, 239–40, 250
  • Royal London 223, 227
  • RSA (Royal Sun Alliance) 110, 122, 129
  •  
  • St. James's Place (SJP) 24, 70
  • Santander 274–80
  • “satisficing” 25
  • Save More Tomorrow programme 153–4
  • savings 60, 286–90
  • science of brand valuation 200
  • security fears over data sharing 132
  • selling/sales people
    • “financial services are sold not bought” belief 66–7
    • intermediaries 75
    • marketing comparison 37–8
  • semi-autonomous brands within companies 110, 118–19, 122–3, 129, 228
  • service sector, marketers moving to and from financial services 266–7
  • services/products distinction 2, 40
  • “seven Ps” 12–19, 32
  • “theme” and “scheme” advertising 246
  • timescales of financial products 21
  • tone-of-voice 269
  • travel insurance 61
  • travel money (FX) 61
  • trust 173–89
  • truth, disconnect between words and actions 100–1, 106–7, 119–21
  •  
  • unfairness, reducing trust 188
  •  
  • valuation, science of brand valuation 220
  • values, importance to company culture 117–19, 124
  • vertical integration, providers and advisers 84–5
  • Vitality life assurance 49, 136
  •  
  • wealth management 61–2
  • Well Woman insurance 23–4
  • Wonga 200–1, 230
  •  
  • zero-sum game attitudes 4
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