Market orientation and the response of UK financial services companies to changes in market conditions as a result of e-commerce

Hughes, Tim

Abstract

The UK financial services industry is changing rapidly, particularly as a result of developments in distribution, notably with e-commerce. The aim of this study is to apply the conceptual framework of market orientation to explain how a number of financial services companies are responding to this fundamental distribution change. The fieldwork consisted of multi respondent semi-structured interviews conducted in four major UK financial services companies from December 1999 to August 2000. This paper puts forward some initial findings and observations from these interviews. E-commerce is recognised by the great majority of respondents as being fundamentally important as a new way of providing information, purchasing certain products, automating transactions, providing self service and lowering costs. In the new standalone operation studied, the instant and centralised communication made possible by e-commerce promotes the ability to respond to customer requirements in a way that corresponds to many aspects of the major market orientation models. However in trying to integrate e-commerce with more traditional channels, in existing organisations, there are some major challenges to overcome. © 2001, MCB UP Limited

• Journal Article Type: Article
• Publication Date: Nov 1, 2001
• Journal: International Journal of Bank Marketing
• Print ISSN: 0265-2323
• Publisher: Emerald
• Peer Reviewed: Peer Reviewed
• Volume: 19
• Issue: 6
• Pages: 222-232
• DOI: https://doi.org/10.1108/02652320110405036
• Keywords: electronic commerce, financial services
• Public URL: https://uwe-repository.worktribe.com/output/1091230
• Publisher URL: http://dx.doi.org/10.1108/02652320110405036