Financial Services Marketing

The position and role of market nq In organisat ons Is undergoing a sigruf acnt transformat on While brand buuildng will continue to p ay à crucial role In the future, the focus of marketing will gradually shift from purely operational marketing and communication towards strategic & marketing (re directing and shaping the trajectory of future organisational growth) A substantial Investment in the knowledge of marketeers is needed à if they are to successfully execute this strategic mandate

Financial Serv ces Marketing offers a comprehens ve overview of state of the art concepts, madels and frameworks in the marketing field, combined with case stud es from the financial services sector A collection of sixty nine market ng models makes up the conceptual backbane of the book These models are illustrated using seventeen real-life ING marketing case stud es The ING cases spann ng the 1997 2009 time per od, clearly demonstrate that the market ng field, as well as the pos ton of the marketeer within organisations, Is changing rap dy

For many years, ING and TiasNimbas Business School have worked together on the development and del very of a challenging Master of Market ng programme Financial Services Marketing

s the perfect dlustration of the unique partnership which has developed between ING and the TiasNimbas Business School The structure of the book mirrors the setup of the ING Master of Marketing Programme Every chapter highlights the key concepts, models, and frameworks presented in a specific programme module A so Included in the book sa ‘road map’ outlining how all fourteen separate modules within the Master of Marketing programme are interrelated

This publication is primarily targeted towards the part cipants of the ING Master of Market ng programme They will find this book a useful guide throughout the ent re programme This book was edited by Filip Caeldries, John Goedee, Arthur Rijkers and Léon Wijnands

‘Marketing's role in the financial services industry is increasingly that of “director of business growth”, Such a responsibility requires high-level competences of marketing professionals. Knowledge makes up the very most of a successful marketeers core competences This book offers à powerful synergy of academic insights and ING case studies. — Nick Jue, CEO ING Retail Netherlands

‘The proof of the pudding is in the eating, and this has never been truer than in this day and age, where the trust of consumers in banks hes ín the “consumption” of financial services.

Does my bank deliver on its promises? Does transparency mean that my bank makes an effort to explain to me how financial services really work? Even more so than before, financial marketing is not just about understanding the entire (internal) value chain but rather encompasses a “building and keeping trust” element that 15 invaluable for domg business in banking today.

All practical knowledge of financial services marketing made explicit in this book adds to the marketeers expertise and his or her ambition to be a valuable strategic discussion partner for top management.’ — Jan Hommen, Chairman Executive Board ING Group

At the risk of stating the obvious, the marketing field is evolving rapidly. As a consequence, the position and role of marketing in organisations is undergoing a significant transformation. While brand building will continue to play a crucial role in the future, the focus of marketing will gradually shift from pure operational marketing and communication, towards strategic marketing (ie. directing and shaping the trajectory of future organisational growth).

The increased strategic focus of marketing places high demands on the qualities of the marketing organisation. Both the determination of strategy as well as the translation of this strategy into a series of operational activities — involving product and process development, sales and distribution policy, pricing, brand building, as well as building and keeping customer’s trust — increasingly will become the responsibility of the marketeer. A substantial investment in the knowledge of marketeers is needed if they are to successfully execute this strategic mandate.

The above observation serves as the starting point for this special book: Financial Services Marketing. This unique publication is developed by marketeers for marketeers. The book offers a comprehensive overview of state-of-the-art marketing knowledge combined with practical case studies in the financial services industry. Both components of the book are enormously important for the marketeer ‘of the future’. The combination of scholarly thinking with concrete ING case studies creates a powerful synergy effect. Financial Services Marketing serves as the perfect illustration of the unique partnership which has developed between ING and the TiasNimbas Business School.

The framework of the book mirrors the structure of the ING Master of Marketing Programme. Every chapter highlights the key concepts, models, and frameworks presented in a specific programme module. Also included in the book is a ‘road map’ outlining how all fourteen separate modules within the Master of Marketing programme are interrelated.

1 Lnanetal Soren Monbetrg Eor many vears, ING and TiasNimbas Business School have worked together on the development and delivery of a challenging Master of Marketing pro, gramme enabling the ING marketeers to assume their role as strategic advi, sors. The teaching team at TiasNimbas providing all the marketing knowl, edge and experience to this group is exclusively made up of top professors and lecturers. The major strength of the ING Master of Marketing Programme is, without a doubt, the outstanding collaboration between both organisations, Roles were clearly assigned from the beginning: the staff at TiasNimbas offers a complete theoretical programme leading to a Master of Marketing degree, while ING's strategic marketing managers facilitate a seamless merging of the academic content with the daily marketing practice of the ING organisation. The ING Master of Marketing Programme offers considerably more than just a university Masters of Marketing degree. Members of the programme intensively discuss and reflect on a specific ING marketing problem. By meeting regularly, ING's talented marketeers have created a community of practice wherein academic knowledge is applied and made available to the broader ING organisation.

Along with the selection and description of specific marketing concepts and cases, Financial Services Marketing also presents a perspective on (the development of) the marketing field. It is argued that the marketeer’s activities span many different and closely interrelated areas. In my opinion, a marketeer must be knowledgeable in all these areas in order to be in control of the particular part of the productand service chain for which he or she is responsible. In addition, passion, motivation, creativity, and analytic capacity are essential ingredients for turning knowledge into results. It is the combination of these factors which will enable a marketeer to assume a position of ‘trusted advisor’ to the firm’s top management.

Finally, Id like to take the opportunity to thank all who have contributed to the realisation of this impressive final result. Nick Jue CEO ING Retail Netherlands