New Strategies for Financial Services Firms: The Life-Cycle-Solution Approach

1 Introduction.- 1.1 Motivation.- 1.2 Problem Statement.- 1.3 Delimitation.- 1.4 Outline.- 2 Definitions.- 2.1 Financial Services and Financial Products.- 2.2 Financial Services Providers, Markets and Organizations.- 2.3 Financial Problem, Individualization, and Customer Relationship Management.- 3 Mega Trends in the Financial Services Industry.- 3.1 Regulation.- 3.2 Society Changes.- 3.3 Working Life Conditions.- 3.4 New Quality in Communication.- 3.4.1 Overview.- 3.4.2 Increasing Market Efficiency.- 3.4.2.1 Literature Review.- 3.4.2.2 Search Cost Model.- 3.4.2.3 Model and Its Assumptions.- 3.4.2.4 Sequential Search.- 3.4.2.5 Simultaneous Search.- 3.4.2.6 Combined Approach.- 3.4.2.7 Excursus: Simultaneous Search in the German Financial Services Market - Status Quo.- 3.4.2.8 Extensions of the Basic Search Cost Model.- 3.4.2.9 Limitations of the Analysis.- 3.4.2.10 Conclusion.- 3.5 Summary.- 4 Strategic Options.- 4.1 Cost Leadership: Mergers and Acquisitions.- 4.2 Differentiation: Life-Cycle Solution Provision.- 5 Life-Cycle Solution Provision.- 5.1 Vision.- 5.2 Strategy.- 5.2.1 One-Stop Shop Solution Provider.- 5.2.2 Individualization.- 5.2.3 Strategy of Choice.- 5.2.4 Multi-Channel Approach.- 5.2.5 Life-Cycle Consultation Approach.- 5.2.6 Customer Lifetime Value.- 5.2.7 Pricing: Business Model.- 5.3 Summary.- 6 Concepts for Life-Cycle Solution Provision.- 6.1 Research Framework.- 6.2 Content Model.- 6.2.1 Methods.- 6.2.2 Right Content.- 6.2.3 Right Time and Right Channel.- 6.2.3.1 Classification Sub-Layer.- 6.2.3.2 Channel-Selection-Sub-Layer.- 6.2.3.3 Content-Adaptation-Sub-Layer.- 6.2.3.4 Relevant Attributes.- 6.2.4 Application.- 6.2.4.1 Implementation Vision.- 6.2.4.2 Practical Experience and Implementation at Deutsche Bank.- 6.2.5 Limitations and Prospects for Further Research.- 6.2.6 Conclusion.- 6.3 Product Model.- 6.3.1 Introduction.- 6.3.2 Problem Solution Process in Financial Planning.- 6.3.3 Assumptions.- 6.3.4 Model under Certainty.- 6.3.4.1 The Financial Problem.- 6.3.4.2 Formulation and Solution of Residual Problems.- 6.3.5 Model under Uncertainty.- 6.3.5.1 The Financial Problem.- 6.3.5.2 Formulation and Solution of Residual Problems.- 6.3.6 Model under Risk.- 6.3.6.1 The Financial Problem.- 6.3.6.2 Formulation and Solution of Residual Problems.- 6.3.7 Selection of a Superior Solution.- 6.3.7.1 Superior Solutions under Certainty.- 6.3.7.2 Superior Solutions under Uncertainty.- 6.3.7.3 Superior Solutions under Risk.- 6.3.8 Discussion.- 6.3.9 Limitations and Prospects for Further Research.- 6.3.10 Conclusion.- 6.4 Summary.- 7 Outlook: The Importance of Trust.- 7.1 Introduction.- 7.2 CRM Strategies and Underlying Assumptions.- 7.3 Trust as a Vital Component of Switching Costs.- 7.3.1 Customer Loyalty in the Financial Services Industry.- 7.3.2 PDE-Services and the Infomediary Approach.- 7.3.3 The Concept of Trust.- 7.4 Special Characteristics of Financial Services.- 7.5 Effects on CRM Strategies for Financial Services Providers.- 7.6 Summary.- 8 Summary and Outlook.- 8.1 Conclusion.- 8.2 Prospects for Further Research.- List of Abbreviations.- List of Figures.- List of Tables.- References.