-
- 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
- APR (annual percentage rate), lack of understanding 191–2, 198, 201, 206
- Artificial Intelligence (AI) 136
- asset management
- associative trust 173
- Atom Bank , 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 , 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) –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
- 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
- broadcast versus narrowcast marketing 138–9, 214, 248–51
- building societies/mutuals 223
-
- cards (debit/credit) 30, 33, 42–4, 252
- centralised organisation, versus federal business model 227
- CES (Customer Effect Score) 243
- challenger banks , 43, 125, 172, 200, 214–15
- Chartered Institute of Marketing (CIM), marketing definition –11
- children 205–7, 269
- choice, putting off customers 199
- CIM see Chartered Institute of Marketing
- cognitive trust 173
- 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 –3, 46
- irrational behaviour 142
- consolidation, advice industry 81, 83, 84, 85, 86
- consumer marketing
- fast-moving consumer goods , , 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
- 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 , 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) , , 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
- annuities 41–2, 56, 80
- cards 30, 33, 42–4, 252
- critical illness insurance 44, 78, 198–9
- current accounts 44–5
- equity release 45
- funds 46–8, 85, 86, 196, 232
- gambling 41, 48–9
- income replacement insurance 49
- lending 50–1
- life assurance 49–50
- mortgages 51–2, 71–2, 83–4, 197
- motor insurance 52–3
- payday lending 53–4, 200–1
- peer-to-peer lending 54–5, 161
- private medical insurance 57–8
- robo advice 58–9, 82, 125, 162, 168, 253
- savings 60, 286–90
- travel insurance 61
- travel money/foreign currency 61
- wealth management 61–2
- see also financial advice; pensions
- Financial Services Authority (FSA) 36, 79, 116
- Financial Services Forum
- importance of branding 91
- Marketing Effectiveness Awards 86, 234–9, 274–90
- qualifications and experience 88
- quantitative research , 15–16, 88–91
- role of marketing , 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) , , 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
- 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
-
- 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 , 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 –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 , 161–2, 170
- micromarketing
- 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 , 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
- 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
- “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
- 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
- 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 , 40
- shareholders' relationship with business 103–4
- shareholder value 98–9
- siloed organisations 38, 102–3, 107–8, 121–2
- simplicity 190–204
- SJP see St. James's Place
- Skandia Life (Old Mutual Wealth) 247n
- small/simple/young firms
- brand building 108, 109–10, 229–30
- culture 121
- data-driven approach to marketing 133
- startups 30, 31, 212–13
- insufficient marketing budget 164, 166, 212–13
- Internet influence 30, 31
- lack of customer base 133, 163, 164, 166, 214–15
- new ideas 36, 61
- poor marketing 125
- selling to larger company 168, 213
- simplification 197
- trust in 174, 185
- within larger companies 30, 122
- status of marketing department in firms , 18–19, 47, 89, 97, 154, 244
- stories, brands 219
- success tests, four requirements of innovation 166–8, 171–2
-
- targets, defining after the event 234, 239
- technology
- tele-sales, using online insurance quote processes 199
- television
- “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
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