ABSTRACT
By now it should have become clear to readers that the fi nancial services sector is frequently a source of controversy, mistrust and scepticism. Indeed, at the time of writing, Barclays has found itself at the centre of a maelstrom of opprobrium for its part in rigging the key inter-bank rate known as LIBOR (London Interbank Offer Rate). Many of Barclays’ critics have blamed its misdeeds on a culture that put greed and personal ambition above the interests of its customers and shareholders. Coming on top of the various other mis-selling scandals in the UK, it is only too easy to argue that fi nancial services in general, and banking in particular in this case, is in crisis. The antecedents of what would appear to be an endemic reputational challenge are complex and many of them have been discussed at various points in this book. Arguably, much of the malaise can indeed be traced back to cultural issues through which the individual greed of a relatively small, yet highly infl uential, cadre has served to disadvantage customers and undermine the morale of the vast majority of employees who are decent, honest and trustworthy individuals. Historically such organisations placed undue emphasis on the acquisition of new customers to the detriment of properly serving the interests of their existing ones, and to the detriment of their organisation’s long-term viability and success. They have also been far too product focused as opposed to being customer orientated. The fundamental principle of a marketing led approach to business is that the interests of customers must lie at the very core of any commercial organisation and that profi t will be an outcome of the successful delivery of good customer experiences at a fair price. The challenge for marketers is to strive to create corporate cultures that are true to this philosophy and engage
At the end of this chapter you should be able to:
• appreciate the importance of integrating functional marketing activities holistically within the overall corporate culture;
• appreciate the challenges that a more customer-centric approach presents to marketers of fi nancial services now and in the future;
• understand how to evaluate the contribution made by marketing to an organisation;
• understand marketing’s wider contribution within the contexts of corporate social responsibility and sustainability.
