Financial services customer relationships

Meanings, motivations and manifestations

Authored by: Annie Pei-I Yu , Tina Harrison

The Routledge Companion to Financial Services Marketing

Print publication date:  December  2014
Online publication date:  December  2014

Print ISBN: 9780415829144
eBook ISBN: 9780203517390
Adobe ISBN: 9781134095551

10.4324/9780203517390.ch9

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Abstract

The financial services industry has been recognized as a suitable context for relationship marketing. Financial services can be complex, customized and delivered over a continuous series of transactions (Ennew and Waite 2013, O’Loughlin and Szmigin 2006). Buyers are relatively unsophisticated; information asymmetries exist and buyers face uncertainty regarding technical outcomes due to credence qualities (Farquhar and Meidan 2010). There are alternative suppliers in the marketplace, in most cases the buyer controls selection of the service provider, switching and multiple subscriptions are possible for many types of financial products (Lees et al. 2007). Finally, there are frequently legal or contractual bonds between the parties, some that carry economic consequences (Harrison 2000).

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