Co-operative Financial Services Case Study: Effectively Communicating an Ethical strategy
Datamonitor, July 2009, Pages: 19
This case study on Co-operative Financial Services forms part of The new series highlighting best practice in specific areas of financial services.
Scope
- This case study analyzes the key successful elements in Co-operative Financial Services marketing strategy
- The case study examines how the brand has developed to its current status and why it appeals to consumers so strongly
- The Financial Services Megatrend Framework is used to analyze the effectiveness of customer targeting strategies
Highlights of this title
As worldwide financial services markets undergo a period of enormous upheaval, products which appeal to softer attributes other than simply the desire to make fast returns have increased in popularity. By targeting community-focused and ethical investors, CFS has effectively carved itself a profitable niche.
Key reasons to purchase this title
- Gain insight into the methods used by important industry players to give them a competitive edge
- Identify specific areas for operational improvement
- Capitalize on the knowledge of experienced companies when entering a new niche or market
DATAMONITOR VIEW
CATALYST
Summary
ANALYSIS
Co-operative Financial Services: leading the way in ethical financial services
The Co-operative Group has a long history of close relationships with its customers
CFS is a niche player in the current account market
CFS has maintained a solid position in the current downturn
CFS rebranding aligns with key consumer Megatrends
The Co-operative Bank is providing authenticity through its ethical principles
The banks slogan Good with money is testament to the simplicity which adds Comfort to its offering
The opportunity to become a member of the Co-operative Group is testament to its connectivity
The Co-operative Bank has identified a sweet spot of target consumers
Consumers come in various shades of green
CFS is focusing on its specialist market as a customer acquisition strategy for the downturn
CFS has a strong position due to its historic foothold but others see ethical banking as a key opportunity
CFS business model relies on growing ethical consumer sentiment
Market entrants should consider the level of green they wish to attract
APPENDIX
Data tables
Definitions
The Datamonitor Financial Services Consumer Insight Megatrend Framework
Authenticity
Comfort
Connectivity
Convenience
Individualism
Wellbeing
Demographic Complexity
Financial Intelligence Complexity
Lifestage Complexity
Wealth Complexity
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: Unsecured personal loan market by gross lending (£m)
Table 2: Current account market split by market share (%)
List of Figures
Figure 1: The Co-Operative Group had 1.6% of the current account market in 2007
Figure 2: The Co-Operative had a 1.2% market share of unsecured personal loan gross lending in 2007
Figure 3: Comfort is central to the Co-operatives ethical principles
Figure 4: Connectivity is all important to the Co-operatives ethical principles
Figure 5: CFS most valuable customers are conscience consumers
Figure 6: www.goodwithmoney.com is an excellent resource which complements CFS adverts
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