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Strategic and Marketing Implications of Consumer Behaviour in Financial Services

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  • Antony Beckett

Abstract

As competitive liberalisation and the application of technology in the creation and distribution of financial services have increased consumer choice in the UK personal financial service industry, so consumer choice in the UK personal financial services industry, so consumer behaviour has assumed a greater role in determining the strategic environment in which financial service providers operate. This paper explores the reltionship between consumer behaviour and the strategic choices facing financial consumer behaviour and the strategic choices facing financial service firms by developing a framework of consumer behaviour and linking the forms of behaviour and type of financial service instrument that determines the strategic environment within which financial service providers operate. Based on that interaction the paper develops a contingency view of financial services strategy and argues that to be successful, financial service providers will need to move away from broad service provision and adopt more focused strategies that reflect far more closely the strategic environment in which they operate.

Suggested Citation

  • Antony Beckett, 2000. "Strategic and Marketing Implications of Consumer Behaviour in Financial Services," The Service Industries Journal, Taylor & Francis Journals, vol. 20(3), pages 191-208, July.
    • Handle: RePEc:taf:servic:v:20:y:2000:i:3:p:191-208
    DOI: 10.1080/02642060000000038
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    Cited by:

    1. Lassala, Carlos & Carmona, Pedro & Momparler, Alexandre, 2016. "Alternative paths to high performance of independent financial advisors: A fuzzy-set analysis," Journal of Business Research, Elsevier, vol. 69(11), pages 5305-5309.
    2. Tsung-Chi Liu & Li-Wei Wu, 2009. "Cross-buying evaluations in the retail banking industry," The Service Industries Journal, Taylor & Francis Journals, vol. 29(7), pages 903-922, July.
    3. Nora Lado & Anna Torres & Oscar Licandro, 2006. "Changes in the Importance of Bank Attributes Provoked by a Financial Crisis: A Dynamic Analysis of the Uruguayan Case," Economics Working Papers ECO2006/4, European University Institute.

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