Customer perspectives on the role and importance of branding in Irish retail financial services

International Journal of Bank Marketing - 2005
DeirdreO'Loughlin1, IsabelleSzmigin2
1University of Limerick, Limerick, Ireland
2Birmingham Business School, University of Birmingham, Birmingham, UK

Tóm tắt

PurposeThis paper explores the role of financial services brand values and compares the importance of process and outcome factors in terms of their impact on customer perceptions, behaviour and experience.Design/methodology/approachBuilding on exploratory managerial and consumer research, 50 in‐depth interviews were conducted with a quota sample of Irish consumers representing the desired range of demographic and product‐related characteristics, including income and financial experience.FindingsContrary to the literature, functional values are deemed by consumers to be significantly more important than emotional values. In addition, process factors, facilitated through positive interactions with staff, play a comparatively more salient role than outcome factors in building positive brand experience.Research limitations/implicationsFurther in‐depth qualitative and/or quantitative studies need to be conducted with larger sample sizes to address issues in terms of making inferences and generalisations from the research. As this study was conducted in an Irish context, further comparative research should be conducted with other similar financial markets to investigate any underlying cultural bias.Practical implicationsIt is recommended that financial services providers design brand appeals and advertising messages that are targeted at consumers' functional financial needs. Furthermore, financial service providers can maximise superior brand experience through a successful integrated strategy of meeting customer functional brand needs in an outcome‐driven approach and exceeding customer expectations within a process‐driven service experience.Originality/valueThis paper broadens understanding and insight into the complex and evolving area of brand management within retail financial services and has far‐reaching theoretical and practical implications.

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