Multi-Channel Distribution Strategies in the Financial Services Industry

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1 Multi-Channel Distribution Strategies in the Financial Services Industry DISSERTATION der Universität St. Gallen, Hochschule für Wirtschafts-, Rechts- und Sozialwissenschaften (HSG) zur Erlangung der Würde eines Doktors der Wirtschaftswissenschaften vorgelegt von Patrick Dahmen aus Deutschland Genehmigt auf Antrag der Herren Prof. Dr. Walter Ackermann und Prof. Dr. Christian Beiz Dissertation Nr Deutscher Universitäts-Verlag, Wiesbaden 2004

2 Contents XI Contents Foreword Preface Contents Overview of Figures List of abbreviations VII IX XI XIII XVII I. Academic and Empirical Relevance of the Research Subject 1 1. Research Objectives, Approach, Methods and Structure The Relevance of Multi-Channel Distribution and Definition of the Research Questions Definition of Research Approach, Methods andprocess Structure of the Dissertation Conclusion Changes in the Distribution of Retail Financial Services Challenges in the Distribution of Retail Financial Services Changes in the Supply Side Changes in Consumer Behaviour Technological Changes: Impact of the Internet on Distribution Conclusion 39 II. Framework for the Design of Multi-Channel Distribution Systems Major Analytical Dimensions of Distribution Systems Nature, Objectives and Tasks of Distribution Nature and Objectives of Distribution Distribution Tasks Theoretical Basis for the Analysis of Exchange Processes Economic Theories: Transaction Cost Analysis Behaviour-oriented Theories Political Economy Paradigm The Internal Economy and Polity of the Distribution System The Task Environments of the Distribution System Conclusion Particularities in the Distribution of Retail Financial Services The Constituent Elements of Services The Specific Properties of Retail Financial Services Service Management: Distribution of Retail Financial Services Conclusion 75

3 XII Contents 5. Impact of the Corporate Positioning on the Distribution Strategy The Nature and Positioning of Distribution Management Objectives of Distribution Management Overall Corporate Orientation and Financial Objectives Strategie Objectives Marketing Objectives: Relationship vs. Transaction Marketing Conclusion Classification of Multi-Channel Distribution Systems Nature, Characteristics and Objectives of Multi-Channel Distribution Systems Focussed Multi-Channel Distribution Systems Co-ordinated Multi-Channel Distribution Systems Conclusion 112 III. Operational Implementation of Multi-Channel Distribution Strategies External Fit of the Distribution System Branding and Communication Customer Segmentation and Customer Management Product Offering and Product Positioning Cross-Cannel Pricing of Products Change Management - Transformation of Customer Behaviour Conclusion Intemal Fit of the Distribution System Internal Structure and Processes of Distribution Systems Customer Ownership and Remuneration of Distribution Channels Change Management: Transformation of the Behaviour of Intemal Customers Conclusion Financial Steering of the Distribution System Management of Distribution Systems as Profit Centres Efficiency and Effectiveness of the Distribution System Conclusion 182 IV. Conclusion 183 V. Bibliography 195

4 Overview of Figures XIII Overview of Figures Figurel: The Research Process 7 Figure 2: The Different Phases of the Benchmarking Study 10 Figure 3: Figure 4: Process in the Benchmarking Study on Multi-Channel Marketing 11 Structure of the Dissertation and Interplay of the different Chapters 13 Figure 5: Distribution Landscape for Retail Financial Services 19 Figure 6: Consolidation Efforts of the Deutsche Bank 22 Figure 7: Evolution of Channel Mix in the German Insurance Market 28 Figure 8: Figure 9: Comparison of Commission Costs for Life Insurance across Distribution Channels 29 Break-down of Retail Mutual Fund Assets by Distribution Channels 30 Figure 10: Shirts in the Use of Distribution Channels in Retail Banking 34 Figure 11: Use of the Internet in Germany for Insurance-Related Issues (in millions, Forecast 2001) 37 Figure 12: Reasons against the online Purchase of Insurance Products 38 Figure 13: Figure 14: Dichotomy between Discrete Transactions and Relational Exchanges 48 Discrete vs. Relational Exchanges and Clan- vs. Bureaucracy-like Decision-Making Processes 53 Figure 15: The Analytical Dimensions of Distribution Systems 58 Figure 16: Figure 17: Reconciliation of the Different Views on Services with the three Phases of Services Delivery 61 Framework for the Analysis of the Different Dimensions of Services 64 Figure 18: The Augmented Service Offering 67 Figure 19: Different Dimensions of Service Management 70 Figure 20: Description of rwo Generic Service Strategies 72 Figure 21: Sales Approach for Different Customer Segments at Deutsche Bank 74 Figure 22: Comprehensive Framework for the Analysis of Distribution Systems 76 Figure 23: Management Context for Distribution Management 80 Figure 24: Implications of Different Financial Targets for the Distribution Strategy 82 Figure 25: Product / Market Opportunity Matrix 84

5 XIV Overview of Figures Figure 26: Figure 27: Figure 28: Task-oriented Management Approach by Tomczak and Reinecke 86 Phases for Defining the Strategie Positioning of a Company 87 Management and Monitoring of the Sales Cycle at the Deutsche Bank 90 Figure 29: Comparison of Relationship and Transaction Marketing 93 Figure 30: Impact of the Financial, Strategie and Marketing Targets on the Distribution System 94 Figure 31: Analytical Grid for the Analysis of Multi-Channel Distribution Systems 99 Figure 32: Distribution System of Allstate Inc. (USA) 103 Figure 33: Split of Profit and Service Time in German Retail Banking 107 Figure 34: Major Value Drivers for Focussed and Co-ordinated Multi-Channel Systems 113 Figure 35: Customer Segmentation Approach of Nordea 128 Figure 36: Value-based Marketing and * Customer Segmentation at Credit Suisse 129 Figure 37: Customer Segmentation Approach of MLP 131 Figure 38: Customer Segmentation Approach of Deutsche Bank 133 Figure 39: Figure 40: Figure 41: Two-Dimensional Customer Segmentation Approach for Financial Services (McKinsey) 135 Product Positioning in a Co-ordinated Multi-Channel Environment 138 House Of Quality - Basis for the Definition of the Channel Mix to Enhance Product Positioning 140 Figure 42: Relative Distribution Costs (Survey among 33 Life Insurers in Europe) 145 Figure 43: Figure 44: Figure 45: Figure 46: Concept for a Consistent Cross-Channel Management ofpricing 146 Explicit Pricing System for Brokerage Services at Citibank Germany 148 Nordea - Gradual Introduction of New Distribution Devices and Channels 150 Citibank - Evolution of Money Transfers via Different Distribution Channels 152 Figure 47: Organisational Structures for Multi-Channel Distribution Systems 157 Figure 48: AXA Germany: Interfaces between the Product Manufacturer and the Distributor 158 Figure 49: Resource Allocation Pattems 165

6 Overview of Figures XV Figure 50: Citibank Germany: Channel Strategy - Simultaneous Reduction of Costs and Increase in Income 169 Figure 51: Customer Touch Points Matrix 175 Figure 52: Use of Target Costing for Defining the Relevant Dimensions for a Distribution Concept based on the Customer's Requirements 177 Figure 53: Deutsche Bank - Elements of Monitoring Sales Performance 180 Figure 54: Figure 55: Figure 56: Figure 57: Comprehensive Framework for the Analysis of Distribution Systems 186 Specification of the Major Dimensions of Focussed vs. Co-ordinated Distribution Systems 189 Description of the Major Dimensions of the Extemal Fit of Distribution Systems 191 Description of the Major Dimensions of the Intemal Fit of Distribution Systems 193

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