Retail bankers : marketing may not be enough (consumer behavior)

In the early 1980s, at the start of deregulation, retail bankers were charged with the task of creating satisfied customers. They were asked to embrace the strategic marketing planning process concept and to implement marketing with product development and promotion. These marketing activities may n...

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Bibliographic Details
Published in:ABA bank marketing 1991-01, Vol.23 (1), p.22
Main Author: Cowles, D
Format: Article
Language:English
Subjects:
Bank marketing
Banking industry
Computers
Consumer behavior
Consumers
Customer satisfaction
Customer services
Financial services
Home shopping
Information services
Marketing
Motivation
Personal computers
Prodigies
Product development
Psychological aspects
Retail banking
Software
Value
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Summary:In the early 1980s, at the start of deregulation, retail bankers were charged with the task of creating satisfied customers. They were asked to embrace the strategic marketing planning process concept and to implement marketing with product development and promotion. These marketing activities may not suffice for retail banking in the 1990s. Decision makers in retail banking must realize that the quality of their strategies will depend increasingly on understanding and influencing consumer behavior in a manner that achieves organizational objectives. The potential value of a consumer behavior perspective for retail banking can be demonstrated through electronic in-home banking. In determining whether or not to offer this service, banks must consider: 1. the benefits and risks of purchase to consumers, 2. consumer levels of involvement, and 3. consumer perceptions of value in this bank product category.
ISSN:1539-7890
2332-9971