Staying customer-focused and trusted: Web 2.0 and Customer 2.0 in financial services

Journal of Database Marketing and Customer Strategy Management

Volumn 16, Issue 2, 2009, Pages 101-131

  Stone, Merlin ^a,b  

^a UNIVERSITY OF THE WEST OF ENGLAND   (United Kingdom)

^b WCL Office   (United Kingdom)

Author keywords

Banking; CRM; Financial services; Insurance; Social networking; Web 2.0

Indexed keywords

EID: 68049123297     PISSN: 17412439     EISSN: 17412447     Source Type: Journal    
DOI: 10.1057/dbm.2009.13     Document Type: Article

References (12)

1. For example, in a survey reported in October 2008 in CCF (p. 6), the percentage of customers who would recommend their bank fell to below 20 per cent for several leading banks.
2. Dimitriadis, S. and Kyrezis, N. (2008) Does trust in the bank build trust in its technology-based channels? Journal of Financial Services Marketing 13 (1): 28-38. The article concludes that trust is transferred from the general relationship to the technology channel. Interestingly, the success of the failed Icelandic bank Landsbanki in attracting UK funds has been attributed partly to its appearance at the top of the best buy tables in money aggregator websites, and the trust given by consumers to these sites and to UK regulation of banks. For more on the general aspects of trust and e-marketing, see Poole, T., Play it by Trust, London, 2007.
3. According to the World Economic Forum's Global Competitiveness Report 2008-2009, Britain, which once ranked in the top fi ve, has slipped to 44th place behind El Salvador and Peru. For more, see http://www.weforum.org/ documents/GCR0809/ index.html.
4. Mitchell, A., Henderson, I. and Earls, D. (2008) Reinventing direct marketing - With VRM inside. Journal of Direct, Data and Digital Marketing Practice 10 (1): 3 - 15.
5. Stone, M. (2005) Sense and Respond, Database Marketing, March. Opinion column, p. 2.
6. For more on these and the latest information, visit www.netimperative. com, www.comscore.com.
7. For a highly useful regular update on these trends, visit www.digitalstrategyconsulting.com and subscribe to the newsletter. To see examples of how these trends were already affecting the fi nance sector in the United States in 2006, see http://www. yourcreditadvisor.com/blog/2006/11/top- 25-web-20-a.html.
8. For more on how Web 2.0 is affecting enterprise systems thinking, see http://blogs.zdnet. com/Hinchcliffe/?p=155 and http://blogs.zdnet. com/Hinchcliffe/?p=13.
9. For the latest on how these developments are seen from within the Web 2.0 world, see http://www.facebook.com/posted. php?id=23550638292. This link relates to 'Visible Banking', and mentions First Direct's experiments in this area.
10. Mintel Insurance Report July 2007. Motor Insurance - UK, Finance Intelligence, May 2007, p. 83.
11. RaboPlus offers a role model for executive blogging, http://www.finextra. com/community/fullblog.aspx?id=2040.
12. Tapscott, D. and Williams, A. D. (2008) Wikinomics: How Mass Collaboration Changes Everything. Atlantic Books.