Understanding Customer Choices in E-Financial Services | Zendy

Rohit Verma | Zendy; Zafar Iqbal | Zendy; Gerhard Plaschka | Zendy

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Understanding Customer Choices in E-Financial Services

Author(s) -

Rohit Verma,

Zafar Iqbal,

Gerhard Plaschka

Publication year - 2004

Publication title -

california management review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.806

H-Index - 129

eISSN - 2162-8564

pISSN - 0008-1256

DOI - 10.2307/41166274

Subject(s) - business , customer retention , marketing , brick and mortar , customer to customer , customer value , customer lifetime value , value (mathematics) , customer advocacy , customer equity , customer profitability , financial services , customer relationship management , the internet , computer science , finance , economics , service (business) , microeconomics , profit (economics) , service quality , machine learning , world wide web

Given the rapid increase of web-based sales, e-services (both pure-online and hybrid "clicks and mortar" market plays) are faced with a difficult challenge: What value-added features should they offer to effectively gain market share and profits while realistically considering operational and financial constraints embedded in a perfect market paradigm? This article explores similarities and differences in customer values and switching inertia between different customer segments for e-financial services in the United States. Through a national online customer choice experiment with 2200 onlinecustomers, the authors found that customer values differ widely across segments and online features (such as availability of traditional data-quoting and buy/sell decision support services price, access to a brick-and-mortar retail outlet, and various formats of online accessibility). The results of this study have both managerial and research implications for design and operations strategy development for e-services in other industries as well.

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