By Patrick Dahmen
The retail monetary providers is present process primary adjustments, as greater expert and extra tough consumers make a decision for themselves how, whilst and the place they buy customized product options. Distribution, i.e. handling the alternate strategies with the client, continues to be the one sustainable aggressive virtue. Multi-channel innovations have consequently been designed to enhance the administration of purchaser relationships and at the same time to minimize total distribution costs.
Patrick Dahmen analyses the interior and exterior dimensions of multi-channel thoughts. according to his specialist event within the and the result of a global benchmarking research he develops a administration framework for the strategic layout and operational implementation of multi-channel thoughts. Case stories illustrate the underlying managerial demanding situations.
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Extra info for Multi-Channel Strategies for Retail Financial Services: A Management-Framework for Designing and Implementing Multi-Channel Strategies
Consumer behaviour is characterised by the parallel existence of opposing, partially contradictory consumption habits (so-called bipolar consumption habitsr 22 Therefore, consumers want to decide for themselves how, when and where they want to establish contact with their retail financial services provider. According to the concept of component life-styles,123 consumer attitudes and behaviour vary by purchase situation and they are no longer constrained by social customs and standards. 124 Consequently, consumers can no longer be assigned to specific customer segments based on traditional economic or socio-demographic criteria.
Hientzsch, R. and Bormann, S. 2003, p. 744. A. 2004, pp. 127. -H. 2004, pp. 26-7. Academic and Empirical Relevance of the Research Subject 22 Beyond this paradigm shift, we have also optimised the branch network ... Consolidation of network ... Number 01 branches ... and reduction of workforce Number of employees (FTE). 002 1212001 1212OO3E 1212001 1212OO3E EUROPE 1212001 1212OO3E 1212001 1212OO3E GERMANY EUROPE GERMANY • Branch network op~mlzation based on local customer potential • FTE reduction In distribution.
And Wings, H. 2004, p. 44. Classification grid partially based on HSBC 2002, p. 6. 20 Academic and Empirical Relevance of the Research Subject Tied (or captive) agents are legally independent but tied to one specific insurance company, which means that these agents exclusively sell the financial services products of one company. "9 In Germany, tied agents still represent the dominant sales channel, especially in the retail property and casualty (P&C) business. In Switzerland, the agent channel is even more dominant with a market share of90% in P&C and 90% in life.