An experiment in changing corporate image in the financial services industry in the UK
Abstract
The increasing deregulation of the financial services sector in the UK in the 1980s greatly intensified the competition between firms in the industry. One company affected by this was the Prudential Insurance Company, which decided to diversify its product range and to change its corporate image in order to gain competitive advantage. As part of its corporate identity program the company was concerned with modernizing its distribution system through the mass acquisition of estate agencies which it viewed as being ideal bases for this purpose. After only six years, however, it withdrew completely from the business. Examines not only why estate agencies seemed so attractive to the Prudential as distribution systems, but also its acquisition program and why it abruptly decided to sell out. In particular, highlights the problems that arose from using acquired businesses as a key part of a corporate identity program.
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Several studies stressed the relevance of financial service company's reputation/image, service quality performance, fairness, and affective experiences as strategic factors in explaining customer retention, repurchase intentions and loyalty.
“Several studies have stressed the relevance of financial service company’s reputation/image (Boyle 1996; Worcester 1997; Devlin 1997; Nguyen and LeBlanc 2002; Wang et al. 2003), service quality performance (Siddiqui and Sharma 2010; Tsoukatos and Rand 2006), fairness (Page and Fearn 2005) and affective experiences (Hellier et al. 2003; Taylor 2001) as strategic factors in explaining customer reten”
From Health insurance policy renewal: an exploration of reputation, performance, and affect to understand customer inertia (2022) · cites this paper as Boyle 1996
Cites
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Kautish, P., Khare, A., & Sharma, R. (2022) · Journal of Marketing Analytics · doi:10.1057/s41270-021-00134-7 · Cited by 25 · see citing works
- Authors
- Boyle, E.
- Affiliations
- University of Ulster (GB)
- Corresponding author
- Boyle, Emily
- Venue
- Journal of Services Marketing
- Publisher
- Emerald
- Published
- 1996-08-01
- Volume
- 10
- Issue
- 4
- Pages
- 56-69
- ISSN
- 0887-6045 (ISSN-L)
- OpenAlex
- W1988303222
- Cited by
- 22
- References
- 8
- Citations by year
- 2026: 1 · 2021: 1 · 2020: 2 · 2018: 1 · 2016: 1 · 2014: 2 · 2013: 1
- FWCI
- 1.92
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Services Marketing (publishedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
- Social Sciences › Business, Management and Accounting › Organizational Behavior and Human Resource Management › Management and Organizational Studies
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Keywords
- corporate image, corporate identity, financial services deregulation, real estate brokerage, corporate acquisition, distribution systems, diversification, competitive advantage
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