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From relationships to experiences in retail financial services

From relationships to experiences in retail financial services This study investigates the nature of customer‐supplier interaction that currently exists within Irish retail financial services. Specifically, issues relating to the role, meaning and importance of financial service interaction within the context of current demand‐ and supply‐side relationship marketing issues are explored. Although the literature proposes that the relationship marketing (RM) approach is particularly applicable to the financial services sector, the research findings raise questions as to the appropriateness of general RM theory to the current nature of interaction between consumers and their financial services providers. In an age of increased depersonalisation and automation impacting upon financial service quality and delivery, the paper questions the relevance of the “relationship” concept and proposes the notion of an “experience” as a far more relevant and meaningful construct. The nature and importance of this experience to consumers is explored and three levels of customer experience are conceptualised which are identified as brand, transactional and relationship experience. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Bank Marketing Emerald Publishing

From relationships to experiences in retail financial services

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
0265-2323
DOI
10.1108/02652320410567935
Publisher site
See Article on Publisher Site

Abstract

This study investigates the nature of customer‐supplier interaction that currently exists within Irish retail financial services. Specifically, issues relating to the role, meaning and importance of financial service interaction within the context of current demand‐ and supply‐side relationship marketing issues are explored. Although the literature proposes that the relationship marketing (RM) approach is particularly applicable to the financial services sector, the research findings raise questions as to the appropriateness of general RM theory to the current nature of interaction between consumers and their financial services providers. In an age of increased depersonalisation and automation impacting upon financial service quality and delivery, the paper questions the relevance of the “relationship” concept and proposes the notion of an “experience” as a far more relevant and meaningful construct. The nature and importance of this experience to consumers is explored and three levels of customer experience are conceptualised which are identified as brand, transactional and relationship experience.

Journal

International Journal of Bank MarketingEmerald Publishing

Published: Dec 1, 2004

Keywords: Retailing; Financial services; Ireland; Consumers; Suppliers

References