Multi-Channel Strategies for Retail Financial Services: A Management-Framework for Designing and Implementing Multi-Channel Strategies

ISBN-13: 9783824481910 / Angielski / Miękka / 2004 / 215 str.

Patrick Dahmen

Opis

VII Foreword The retail financial services industry, especially the insurance industry, is undergoing fundamental changes. Prior to and in the aftermath of the deregulation of the insurance industry at the beginning of the 1990's, insurers have continued to focus more on stability and security rather than on efficiency and profitability. The capital market crisis, the deregulation, the gradual break-up of the traditionally integrated value chain coupled with the emergence of new players in the market as well technological advancements have all led to a fundamental shake-up of the financial services industry. Nevertheless, the cultural consequences of the regulated period are still visible today: in some insurance companies changes in the distribution of financial services can seldom be implemented without the acceptance of its tied agent channel, although experience from neighbouring industries, for example retail banking, clearly illustrates the necessity to align the distribution system with new trends in consumer behaviour, i. e., with the general wish for more convenient shopping opportunities anywhere, anytime and in any way. Financial services are characterised by a high degree of interactivity with the customer during the entire process of service delivery, while information asymmetries arise as a result of the dominance of credence and experience qualities. The product "financial services" therefore goes far beyond its core product, e. g. risk protection; it covers all other elements of the customer relationship process.

Spis treści

Academic and empirical relevance of the research subject Concepts for the strategic design of multi-channel distribution systems Operational implementation of different multi-channel distribution strategies

O autorze

Dr. Patrick Dahmen promovierte bei Prof. Dr. Walter Ackermann am Institut für Versicherungswirtschaft der Universität St. Gallen. Er ist als Direktor bei der AXA Gruppe in Deutschland für das Konzern-Controlling verantwortlich und hat zuvor als Assistent des Vorstandsvorsitzenden der AXA Gruppe in Deutschland an der Ausgestaltung der Multi-Kanal-Strategie mitgearbeitet.

Blurb

The retail financial services industry is undergoing fundamental changes, as better informed and more demanding customers decide for themselves how, when and where they purchase personalised product solutions. Distribution, i.e. managing the exchange processes with the customer, remains the only sustainable competitive advantage. Multi-channel strategies have therefore been designed to improve the management of customer relationships and simultaneously to reduce overall distribution costs.

Patrick Dahmen analyses the internal and external dimensions of multi-channel strategies. Based on his professional experience in the industry and the results of an international benchmarking study he develops a management framework for the strategic design and operational implementation of multi-channel strategies. Case studies illustrate the underlying managerial challenges.