Brand positioning in financial services: CUSTOMER DEFECTION

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Brand positioning in financial services: CUSTOMER DEFECTION

One of the key battles for financial services firms is how to reduce the defection rate of its customer base, or in other words, how to retain customers. Customer defection is costly to firms as not only do they have to replace the defecting customer with a new customer, and thus have acquisition costs, but […]

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Brand positioning in financial services: Theoretical basis for brand positioning

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The theory behind positioning a brand, namely attaching the brand to a specific piece of information in consumer memory, is drawn from Associative Network Theories of Memory. Here, memory is thought to consist of nodes of information that are interlinked with each other. These positioning attributes are the specific ‘bits’ of information that marketing managers […]

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Brand positioning in financial services: BRAND POSITIONING

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A brand’s ‘position’ is how it is perceived in the minds of consumers, relative to competitor brands according to Stanton (1978)/ The act of positioning a brand is thought to be a key marketing objective, with the premise that not all positions are equally good for brand performance. The characteristics of a good position for […]

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Brand positioning in financial services

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Brand positioning in financial services

INTRODUCTION Positioning the brand has been long acknowledged as a core branding activity. This involves selecting specific attributes with which it is desirable for the brand to be associated. The marketing/ brand manager then develops a plan to establish and/or strengthen this association via marketing communications. These activities take up a large amount of company […]

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The value of the banker-customer relationship: CONCLUSIONS

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This paper presents a dilemma for bankers. It is a common dilemma as short-term profits are often prioritised ahead of long- term gains. It also presents a range of options for the bank when customer default presages formal insolvency. Traditionally, ‘short termism’, driven by the need to satisfy shareholders, has taken overwhelming precedence over the […]

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The value of the banker-customer relationship: THE ETHICAL DIMENSION

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In 1984, Cork recognised that changes in commercial life and society since passage of the Bankruptcy Act 1883 necessitated a review and refashioning of insolvency law. The 1986 reforms that Cork influenced recognised that there needed to be a balance between two separate views of bankruptcy: as a sanction against deviancy and consumer laxness (deterrence); […]

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The value of the banker-customer relationship: ECONOMIC CONSIDERATIONS

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The value of the banker-customer relationship: ECONOMIC CONSIDERATIONS

The fact that banks, as lenders, should be able to pursue profitable lending opportunities is not in question. What is questioned, however, is the time-scale over which such profits are measured. In the short term it appears that banks have profited enormously from the unprecedented demand for unsecured consumer credit. Annual growth rates in credit […]

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Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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