By Patrick Dahmen
The retail monetary companies is present process basic adjustments, as higher knowledgeable and extra hard buyers make a decision for themselves how, whilst and the place they buy personalized product recommendations. Distribution, i.e. dealing with the trade techniques with the buyer, continues to be the single sustainable aggressive virtue. Multi-channel innovations have for that reason been designed to enhance the administration of purchaser relationships and concurrently to minimize total distribution costs.
Patrick Dahmen analyses the interior and exterior dimensions of multi-channel recommendations. in accordance with his specialist event within the and the result of a global benchmarking learn he develops a administration framework for the strategic layout and operational implementation of multi-channel options. Case reports illustrate the underlying managerial demanding situations.
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Extra resources for Multi-Channel Strategies for Retail Financial Services: A Management-Framework for Designing and Implementing Multi-Channel Strategies
Hesse, r. and Huckernann, M. 2002, p. 63. Schramm-Klein, H. 2003, p. 40. Wings, H. 1999, p. 230. 138 In fact, the Internet influences the future distribution channel structure in two ways. Firstly, it represents a distribution channel with an extremely interesting cost structure as well as an interesting service level regarding the exchange of information. Secondly, the Internet influences consumer behaviour because the Internet increases market transparency so customers become better informed and demanding in their interactions with the financial services provider.
2001, p. , Balasubrarnanian, S. and Bronnenberg, B. 1997, p. 334. Schramm-Klein, H. 2003, p. 32. Academic and Empirical Relevance of the Research Subject 37 ferent distribution channels via a multi-channel distribution system requires first and foremost the possibility of exchanging data across these channels. The Internet, which has been designed to foster this (inter-)connectivity, is, therefore, an important technological prerequisite for the implementation of a true multi-channel distribution strategy.
1730-2. -M. 2002, pp. 26-7. III Heinsen, A. 2001, p. 22. 109 110 Academic and Empirical Relevance of the Research Subject • Coverage of all risks at competitive prices • Improved product and service offering • Confidence in quick and uncomplicated claims handling services. 31 This list of customer requirements clearly indicates that traditional channels are not able to fully respond to these customer requirements on their own. Banks and insurance companies need to establish personal links with the customer across several distribution channels to reduce the risk of customer defection.