Co-creation in Danish retail banking

Pernille Stubberup

Student thesis: Master thesis

Abstract

The aim of this thesis is to contribute to a further understanding of the concept of co-creation within the context of Danish retail banking, and the problem formulation is thus: What is the meaning of the co-creation concept among marketing managers and customers in the Danish retail banking sector? This were investigated through an action research process involving primary data consisting of qualitative, semi structured interviews with marketing managers and customers within sector. Retail banking in Denmark is influenced by a few big players, and the mobility on the market is low. One explanation of this might be the complexity of the offered services that is only made more complicated by the vast use of loyalty programs. Consequently, costumers often lack the right information in order to make informed financial decisions. Financial products are highly dependent on the individual customer and her life situation, and through loyalty programs and product packages, mass-customization is a natural part of the sector. However, the complexity of the services and customers‟ lack of interest raises the question whether the customers are even capable of appreciating such customization. There were found no evidence of an overall dominant marketing logic among the interviewed managers, but instead two mindsets were identified; a macro-oriented-mindset and a customer-oriented-mindset. It was furthermore concluded that co-creation takes place in all the interviewed managers‟ banks, which indicates that the marketing managers, regardless of their mindset, are interested in co-creating value with the customers. However they are hesitant in regards to co-production activities that result in the customers gaining insight to e.g. their price policies. It is found that customers‟ interest in engaging in co-production activities seem to relate to their operant resources and general interest in financial decisions. This suggests a new way of thinking about customers, as it categorises them according to their value creation processes rather than their activity level, which is normally used by the sector to segment and target marketing activities. One implication of this is that the banks should focus more on the customers value creation process and aim at co-creating relevant value with them.

EducationsCand.merc.smc Strategic Market Creation, (Graduate Programme) Final Thesis
LanguageEnglish
Publication date2010
Number of pages85