Opening Remarks Institute for International Research Conference Consumer Insights & Market Research for Financial Services Professionals Conference
Conference Chair: Herman J. Milligan, Jr., Ph.D. Wells Fargo/Enterprise Marketing Customer Insights Assistant Vice President
December 4-6, 2006 Miami, FL
Thank You Institute for International Research Staff
Stefanie McGowan Kim Rivielle Nicole Jensen
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Thank You Sponsor Partners
Premier Sponsor
Sponsors
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Thanks You Exhibitors!
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Thank You Speakers and Presenters!
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Thank You Participants!
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A New Day With New Challenges
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A New Paradigm Shift?
Big ‘M’ to small ‘m’ Incremental change to hyper-competition Single transaction marketing to long-term relationship management Brand and market organizations to global market structures Tactics to culture and strategy
Source: “Master of Change.” Research World, September 2005. Interview with Professor Rohit Deshpande of Harvard University.
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A New Paradigm Shift?
A new marketing paradigm
Transactions Relationships (new ways to measure lifetime customer value) Market driven Market driven and Market driving Market driving goes beyond delighting the customer
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Create new markets and platforms New geographies New demographics
Selling to customers Empowering customers Make and sell Sense and respond
Source: “Master of Change.” Research World, September 2005. Interview with Rohit Deshpande of Harvard University.
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Delivering high quality service remains a challenge for retail banking when compared to other industries
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The Challenge for Winning Loyal Customers is Ever Present
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An A.T. Kearney survey suggests banks are winning the battle for customers, and non-banks the battle for wallet share
Wallet Momentum ABOVE AVERAGE BELOW
ABOVE
National City PNC Provident Union Bank of Calif. Washington Mutual
Commerce Compass TCF
American Express
A.G. Edwards
Customer Momentum AVERAGE
Fidelity Charles Schwab
Wachovia
B. of A, Charter One, Chevy Chase. Citizens, Citizens, Comerica, M&T, Standard Federal, Sun Trust, U.S. Bank, Vanguard, Wells Fargo Bank One Citibank Fleet JP Morgan Chase Sovereign
Merrill Lynch
Smith Barney
BELOW
Jim Cole. “Survey: Most Customers Don’t Just Want One Bank.” American Banker, June 20, 2005.
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Expectations from Conference Participation
An on-going environment of sharing meaningful insights that helps advance the body of knowledge Constructive dialoging around important issues that face marketing research professionals (both clients and consultants) in the financial services industry today Ensuring that the Voice of the Customer is ever-present over the next three days of conferencing The possibility of making new friends within the discipline
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