Impersonalisation of electronic money: implications for bank marketing

Impersonalisation of electronic money: implications for bank marketing This paper examines the mismatch between the impersonality of electronic money on the one hand and Australian customers’ desire to have a personal banking relationship on the other. This gap is illustrated by a critical appraisal of literature relating to the sociology of money, the adoption of information and communication technologies and self‐service technologies. The paper argues that bank‐marketing professionals adopt an activity‐centred social marketing strategy. This strategy places customers and their activities at the centre to help ensure a fit between payment activities, services, and values relating to money within different cultural contexts. The strategy has managerial implications for, when payments services are tracked according to customers and activities, the data required are different from data generated by following customer segments and products. An activity‐centred social‐marketing strategy has the potential to increase trust in banks and halt the shift of financial relationships to intermediaries such as brokers and financial planners. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Bank Marketing Emerald Publishing

Impersonalisation of electronic money: implications for bank marketing

International Journal of Bank Marketing, Volume 22 (7): 18 – Dec 1, 2004

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
0265-2323
DOI
10.1108/02652320410567926
Publisher site
See Article on Publisher Site

Abstract

This paper examines the mismatch between the impersonality of electronic money on the one hand and Australian customers’ desire to have a personal banking relationship on the other. This gap is illustrated by a critical appraisal of literature relating to the sociology of money, the adoption of information and communication technologies and self‐service technologies. The paper argues that bank‐marketing professionals adopt an activity‐centred social marketing strategy. This strategy places customers and their activities at the centre to help ensure a fit between payment activities, services, and values relating to money within different cultural contexts. The strategy has managerial implications for, when payments services are tracked according to customers and activities, the data required are different from data generated by following customer segments and products. An activity‐centred social‐marketing strategy has the potential to increase trust in banks and halt the shift of financial relationships to intermediaries such as brokers and financial planners.

Journal

International Journal of Bank MarketingEmerald Publishing

Published: Dec 1, 2004

Keywords: Electronic commerce; Australia; Payments; Buyer‐seller relationships; Self‐service; Trust

References

  • Technology fears: distrust and cultural persistence in electronic marketplace adoption
    Hsiao, R.‐L.
  • Local people rebuilding local economies
    Jennings, A.
  • Say hello, wave goodbye: missed opportunities for electronic relationship marketing within the financial services sector?
    Kapoulas, A.; Murphy, W.; Ellis, N.
  • Effects of personal control on adoption of self‐service technology innovations
    Lee, J.; Allaway, A.
  • Electronic money: understanding its use to increase the effectiveness of policy
    Singh, S.

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