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Branding in the Retail Banking Industry in Finland - How to Attract and Retain Young Consumers

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Branding in the Retail Banking Industry in Finland - How to Attract and Retain Young Consumers Branding in the Retail Banking Industry in Finland - How to attract and retain young consumers International Business Master's thesis Joakim Kalliala 2012 Department of Management and International Business Aalto University School of Business Powered by TCPDF (www.tcpdf.org) Aalto University, P.O. BOX 11000, 00076 AALTO www.aalto.fi Abstract of master’s thesis Author Joakim Kalliala Title of thesis Branding in the Retail Banking Industry in Finland - How to attract and retain young consumers Degree Master of Science in Economics and Business Administration Degree programme International Business Thesis advisor(s) Lucas Humphries Year of approval 2012 Number of pages 138 Language English Abstract Research objectives – The financial industry has gone through serious turmoil worldwide during the recent years and in Finland the formerly national and regulated industry has witnessed the entrance of international players through mergers and acquisitions. The increased competition has required new ways of building competitive advantage, and the objectives of this thesis is to study how branding is used and what potential it could have in building competitive advantage, concentrating on young consumers and how branding could be used to attract, commit, and build brand relationships with them. Research Method – The empirical research consists of qualitative and quantitative methods. The qualitative part of the research is conducted through case study, which explores the three largest banks operating in Finland, Nordea, Sampo Bank, and OP- Pohjola Group. The quantitative part of the research is established through a survey, which explores the perception generation Y consumers have of the retail bank brands operating in Finland. Main Findings – The main findings indicate that branding is not taken advantage of very efficiently to attract and commit young consumers. The three banks under study offer young consumers similar benefits, which are based on direct functional benefits, mainly in the form of having the basic daily services free of charge. The young consumers have a positive image of the banks, and consider to be loyal customers, but show lack of interest towards the banks and see them mainly as a necessary tool for taking care of their daily banking, having as little personal contact with them as possible. Their loyalty is based mainly on the lack of benefits for changing of their bank, mainly due to the very similar benefits other banks have to offer. Keywords Branding, retail bank, generation Y consumers, marketing, i Aalto-yliopisto, PL 11000, 00076 AALTO www.aalto.fi Maisterintutkinnon tutkielman tiivistelmä Tekijä Joakim Kalliala Työn nimi Branding in the Retail Banking Industry in Finland - how to attract and retain young consumers Tutkinto Kauppatieteiden Maisteri Koulutusohjelma International Business Työn ohjaaja(t) Lucas Humphries Hyväksymisvuosi 2012 Sivumäärä 138 Kieli Englanti Tiivistelmä Tavoitteet – Rahoitusalaa on viime vuosina muokannut maailmanlaajuiset muutokset, jotka ovat omalta osaltaan muokanneet aiemmin hyvin säänneltyä ja kansallista alaa myös Suomessa. Rahoitusmarkkinoita Suomessa ovat muokanneet fuusioiden ja yrityskauppojen myötä syntyneet kansainvälset pankit, joiden myötä kilpailu on kiristynyt ja kilpailuedun saavuttaminen uusilla menetelmillä on tullut välttämättömäksi. Tämän tutkielman tavoitteena on tutkia miten brändäystä käytetään ja miten sitä voitaisiin hyödyntää kilpailuedun kehittämiseksi, keskittyen nuoriin asiakkaisiin ja miten brändäyksen avulla heitä voitaisiin houkutella ja sitouttaa vähittäispankkien asiakkaiksi. Tutkimusmenetelmät – Tutkimuksessa käytetään sekä kvalitatiivistä, että kvantitatiivistä tutkimusmenetelmää. Kvalitatiivinen tutkimus toteutetaan case study tutkimusmenetelmää hyödyntäen ja tutkimuskohteena on kolme suurinta Suomessa toimivaa pankkiryhmittymää, Nordea, Sampo Pankki ja OP-Pohjola. Kvantitatiivinen tutkimus toteutetaan käyttäen kyselyä tutkimusmenetelmänä, joka keskittyy tutkimaan Y-sukupolven kuvaa eri pankkien brändeistä ja tutkimaan heidän suhdettaan pankkeihin. Tulokset – Tulokset osoittavat, ettei brändäystä hyödynnetä kovin tehokkaasti nuorten houkuttelemiseen ja sitouttamiseen pankkeihin. Kaikki kolme tutkimuksessa olevaa pankkia tarjoavat nuorille asiakkailleen erittäin samankaltaisia etuja, jotka pitävä sisällään lähinnä etuja palvelumaksuista ja tarjoavat nuorille asiakkaille peruspalvelut ilman kuluja. Kuitenkin pankkien samanlaiset etuudet johtavat siihen etteivät ne erotu ollenkaan toisistaan, eikä siten tarjoa nuorille asiakkaille mitään uutta hyötyä pankinvaihdosta. Yleisesti ottaen nuorilla asiakkailla on positiivinen kuva pankeista, tosin he näkevät pankit lähinnä pakollisina välineinä pankkiasioiden hoitoa varten, eivätkä mielellään asioi henkilökohtaisesti pankin kanssa, vaan käyttävät tekniikan mahdollistamia automatisoituja kanavia. Heidän uskollisuutensa pankkia kohtaan perustuu lähinnä siihen, etteivät he näe minkäänlaista hyötyä vaihtaa pankkia, koska kaikki pankit tarjoavat vastaavat palvelut ja edut. Avainsanat Brändit, vähittäispankit, nuoret asiakkaat, Y-sukupolvi, markkinointi ii TABLE OF CONTENTS 1. Introduction.............................................................................................................. 1 1.1. Background ................................................................................................................... 1 1.2. Research Problem and Gap ......................................................................................... 2 1.3. Research Objectives and Questions ............................................................................ 3 2. Literature review ..................................................................................................... 5 2.1. Retail Banking............................................................................................................... 5 2.1.1. Finland..................................................................................................................... 5 1.1.1.1. Young Consumers ................................................................................................ 7 2.2. Branding ........................................................................................................................ 9 2.2.1. What is a Brand? ..................................................................................................... 9 2.2.2. Brand Equity.......................................................................................................... 11 2.2.3. Building a Service Brand ...................................................................................... 14 2.2.1. Country of Origin (COO) Effect on Branding ...................................................... 21 2.2.2. Branding and Retail Banking ................................................................................ 26 2.2.3. Branding and the Internet...................................................................................... 27 2.2.4. Branding and the Millenials (Generation Y)......................................................... 32 2.3. Theoretical Framework.............................................................................................. 37 3. Methodology........................................................................................................... 42 3.1. Research Method ........................................................................................................ 42 3.2. Sample Selection and Data Collection ...................................................................... 43 3.3. Research Structure ..................................................................................................... 44 3.3.1. Case studies ........................................................................................................... 44 3.3.2. Questionnaire......................................................................................................... 46 3.3.2.1. Demographics.............................................................................................................. 49 3.3.2.2. Brand Awareness......................................................................................................... 50 3.3.2.3. Brand Associations and Values ................................................................................... 51 3.3.2.4. Service Experience and Response ............................................................................... 51 3.3.2.5. Brand Relationship and Brand Loyalty ....................................................................... 52 3.4. Data Analysis............................................................................................................... 53 3.5. Reliability and Validity .............................................................................................. 54 4. Empirical Findings ................................................................................................ 56 4.1. Case Companies.......................................................................................................... 56 4.1.1. Nordea ................................................................................................................... 56 4.1.1.1. Background.................................................................................................................. 56 iii 4.1.1.2. Brand ..........................................................................................................................
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