Financial services & Ucommerce

Original Article

Technology and financial services:Marketing in times of U-commerceReceived (in revised form): 18th August 2015

Stacey Morrisonis a PhD candidate in the Division of Industrial Economics & Management at Royal Institute of Technology (KTH), Stockholm, Sweden.

Leyland Pittis the Dennis F. Culver EMBA Alumni Chair of Business at the Beedie School of Business, Simon Fraser University, Vancouver, Canada, andalso Affiliate Professor in the Department of Industrial Marketing, Royal Institute of Technology (KTH), Stockholm, Sweden.

Jan Kietzmannis an Associate Professor of MIS and Innovation & Entrepreneurship at the Beedie School of Business, Simon Fraser University, Vancouver,Canada.

ABSTRACT This article revisits and uses the so-called U-Commerce framework tochallenge financial services marketing decision makers to consider reformulating market-ing objectives in an age of ubiquitous technological networks. It outlines the 4 U’s ofU-Commerce – ubiquity, universality, unison and uniqueness, and revisits the original fra-mework used to conceptualize U-Commerce. Then it identifies and describes four broadmarketing objectives that financial services marketers can strive for, including amplifica-tion, attenuation, contextualization and transcension. Four broad marketing strategies canbe used to achieve these objectives, namely nexus marketing, sync marketing, immersionmarketing and transcension marketing. Examples specific to financial services marketingare used to illustrate and discuss these strategies.Journal of Financial Services Marketing (2015) 20, 273–281. doi:10.1057/fsm.2015.18

Keywords: financial services marketing; U-commerce; amplification; attenuation;contextualization; transcension

INTRODUCTIONThe comedian Carrie Snow notes: ‘Technology… is a queer thing. It brings you great gifts withone hand, and it stabs you in the back with theother’(Lewis, 1971, p. 37). This is probably truerfor the financial services industry than just aboutany other. Banks and other financial institutions

have moved from being among the firstorganizations to use computing power in the early1960’s (then measured in bytes), to using cloudcomputing and competing alongside digitalcurrencies such as BitCoins. Along the way, withthe increasing popularity of the automatic tellermachine, retail banking changed forever in theearly 1980s. Customers could deposit andwithdraw funds at a time and place that suitedthem, not the bank. Most customers realized that,at least for everyday banking, they preferred being

Correspondence: Jan Kietzmann, Beedie School of Business,

500 Granville St, Vancouver, BC V6C 1X6, Canada.

E-mail: [email protected]

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served by a ‘hole in the wall’ to waiting in line tobe served by a real person. The latter years of thelast millennium witnessed the rise of onlinebanking, as customers began to access theiraccounts on their PCs or laptops, transfer funds,and pay bills online. More recently banking hasmoved to mobile devices, and now customers cannot only do all the things they did on theircomputers, they can also deposit checks byscanning them, and make payments to friends,family members and others by simply sendingthem a text message.

What happened to retail banking is not theexception – on the contrary. The stock trader intheir brightly striped jacket disappeared as thetrading of financial products such as stocks andcommodities moved online, and trades took placeat the click of a mouse. Countless insurancebrokers have been disintermediated as customersand insurance companies realized that they couldinteract directly with each other online. Entireteams of service personnel became redundant asthe clients of investment product providersrecognized that they could access their portfoliosonline with far lesshassle, access just as much up-to-date informationand advice, and make changes in their investmentsand retirements themselves and without waiting.Accountancy firms, consumer finance companies,retirement funds, life insurance companies, andreal estate funds – all of these areas, and manymore, have been impacted by the rise of the smartmachine. The new era of financial services isdriven by technology to an extent not witnessedin many other settings. But, as the Lenny Kravitzsong goes, ‘It ain’t over til it’s over’, and especiallywhen members of the younger generation trustestablished institutions less, and their peers andtechnology more, the revolution of the financialservices industry ‘ain’t over yet’ (Kietzmann andCanhoto, 2013).

In this article we contend that a number ofemerging technological themes and the trendsthey occasion will change the range of financialservices needs and services in ways that mighteven make the transformations witnessed in therecent past seem trivial by comparison. In orderto make sense of the plethora of technologies

and innovations that are revolutionizingfinancial services marketing and the changes infinancial consumer behavior, we use theU-Commerce framework (Watson et al, 2002,2004; Junglas and Watson, 2003, 2006; see also,Nysveen et al, 2005; Yadav and Varadarajan,2005; Sheng et al, 2008; Pitt et al, 2011).We describe and illustrate the notion ofU-Commerce and its applications in themarketing of financial services. We payparticular attention to a general set of marketingobjectives that a financial services firm mightstrive for, and a broad range of financial servicesmarketing strategies that will achieve these.

UNDERSTANDINGU-COMMERCEJust as physicists such as Einstein, and artists suchas Picasso and the Cubists transformed ournotions of time and space, ubiquitous networkscontinue to change traditional spatial andtemporal boundaries and their impact onbusiness. Already before the twentieth century,trade routes evolved into rail networks thatmade physical trade across distances possible.Next came the roads and highways, andcontainer shipping of the twentieth century.And while the advent of the telephoneintroduced massive advances in the way humanscommunicated with each other, these were allstill limited by space and time. In the financialservices industry for example, customers couldonly be served by firms at specific locales,and at times that suited the firms.

Two developments in the early 1990’sheralded a transition. The invention of theMosaic and Netscape browsers opened thehitherto academic and scientific domain of theInternet to a far broader audience. We began totalk of ‘electronic commerce’, or e-commerce.Almost simultaneously, the cell phone,previously a hugely expensive ‘brick’ accessibleonly to the very wealthy, became widelyavailable and the preferred means of voicecommunication, as governments worldwidebegan to deregulate the telecommunicationsindustry. Firms and their customers started to

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imagine a ‘mobile commerce’ or m-commerce,or the ability of customers to interact with eachother and with firms through their mobiledevices (Kietzmann et al, 2013). A new era offinancial services was born, driven bytechnology to an extent not witnessed in manyother settings, a time when ‘banking has gonefrom somewhere you go to, to something youdo’ (Hernaes, 2015), anytime, anywhere.

In the early years of the new millennium,scholars (for example, Watson et al, 2002) beganto argue that networks were, and would be,everywhere: They are ubiquitous. Theytranscend not only the physical networks ofgeography, but also the electronic networks ofe-commerce and m-commerce, and in sodoing, change the nature of time and space.We have entered the age of U-Commerce.

In this multifaceted U-Commerce, ubiquitousnetworks support personalized and uninterruptedcommunications and transactions between firmsand their stakeholders to provide a level of valueover, above, and beyond traditional commerce(Watson et al, 2002). The authors contend thatU-Commerce is best understood from fourperspectives: It is not only ubiquitous, it is alsouniversal, unique, and in unison.

Ubiquitous refers to the fact that networkedcomputers are everywhere. Of course the greatmajority of these devices are not the typicalcomputer on a desktop or laptop in a briefcase.Today, ‘computers’ are in just about everyconceivable device, from hotel doors to cars, andfrom home appliances to wearable technologiessuch as watches and spectacles. They are also onnetworks that are everywhere and always on: Notjust the Internet in its traditional sense, but cellularnetworks and the millions of personal wirelessnetworks in homes across the world. From afinancial services perspective, ubiquity means thatcustomers carry their banks, insurance agencies,credit card institutions and stock brokerswith them: They are always on and alwaysavailable.

Universal refers to the fact that our networkedcomputers can be used everywhere. An earlyexample of universality in the financial servicesindustry is that of credit card companies such as

Visa and MasterCard. Previously, travelers toother countries were limited in their ability totransact financially. Foreign exchange wascomplicated, difficult and costly, very limitedby time and space. The old American ExpressTraveler Cheques were clumsy devices thatattempted to overcome these problems, butwere quickly replaced by Visa and MasterCardwhen these were accepted just abouteverywhere. Nowadays, the devices thatfinancial services consumers carry with them areuniversal. An American smartphone owner willfind that their device works as well in Europe orAsia, or any other part of the world, as it doesat home. Even stored-value apps are goingglobal – one can use a Starbucks creditdeposited in one country at any Starbucks in theworld. Using cloud storage software such asDropbox, a user’s data and files are accessiblefrom everywhere, and from just about anywired or mobile device. Watson et al (2004,p. 35) caution however: ‘…. one marketinggoal is to provide the user with ubiquitous anduniversal access to both devices andinfrastructure. Nevertheless, another marketingprinciple applies: It is important to tailorinformation for customers so that it matchestheir specific location and context’. Consider,for instance, how laws in different countriesprotect (or not) the privacy of the consumerand the degree to which personal data can beshared and accessed by third parties.

Unique means that consumers receiveinformation that is unique, or infinitelydistinctive to them. It will depend on variablessuch as their physical location, time of day,current role, and their expressed or detectedpreferences. Most smartphones used todayenable users to identify and continuouslyupdate their geographic locations. Thecustomer of a bank who visits another city caneasily find their nearest branch or ATM bysimply searching for it, and use navigation toolsto be directed to it by means of a map or a seriesof haptic pulses on a smart watch. Manyinsurance companies are now beginning tocharge premiums for auto insurance based noton traditional variables such as age and place of

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275© 2015 Macmillan Publishers Ltd. 1363-0539 Journal of Financial Services Marketing Vol. 20, 4, 273–281

residence but on factors such as how often thevehicle is used, distances and times traveled, andthe roads on which it is driven. These uniqueattributes are arguably far more accurateindicators of risk.

Unison means that all the variouscommunication systems that a consumer usesare integrated so that there is a singleconnection point or interface. In the past fewyears, consumers have been able toautomatically integrate their calendars, files andcontact lists across the range of devices, such asdesktop computers, laptops, tablets andsmartphones that they use. This means forexample, that, a new appointment made on adesktop computer will also immediately appearon a smartphone, or tablet. What is happeningnow is that this unison is now being extendedto a far wider range of connected devices andappliances, such as cars, smart watches andhome appliances, as we enter the age of whathas been referred to as the ‘internet of things’(for example, Lenton, 2015). From a financialservices perspective, consumers are alreadyexperiencing the advantages of unison.A bank’s customer can access their account ontheir laptop, later make a transfer from oneaccount to another on their smartphone, andthen access their balance at any time on theirsmart watch.

A FRAMEWORK FORUNDERSTANDINGU-COMMERCE IN FINANCIALSERVICES MARKETINGAlthough it is tempting to view the implicationsof U-Commerce for financial servicesconsumers through rose-colored spectacles, andassume that everything will be better than it hasbeen, most marketers will acknowledge that thereality might be somewhat different. Newtechnologies offer plenty of opportunities, butalso introduce new risks. The fact that thenetwork is indeed ‘always on’ might imply thebenefits of access and convenience toconsumers, but ‘always on’ does not alwaysmean ‘always good’. As Nobel laureate Herbert

Simon (1976) noted, while economists assumethat individuals are rational, and will alwaysseek perfect information in order to makeperfect choices, in reality our rationality isbounded because of our limited ability to seekand process information. The key is to provideconsumers with access to the right informationat the right time and inform them on a need-to-know basis only to avoid causing confusion andinformation overload. Therefore, whileU-Commerce has the ability to achieveuniqueness and ubiquity, astute marketers willrealize that for consumers, there is almost achoice between the two: there are times whenthe individual will prefer uniqueness (time andspace specificity), and other times whenubiquity (the transcendence of time and space)is more desirable.

Returning to the notion that whiletechnology has the ability to alert consumers toeverything, even that which they might prefernot to be aware of, the concepts of the consciousand the unconscious, from the Viennese school ofpsychoanalysis, prove useful. Consciousnesscan exist along a spectrum, ranging from theultra-conscious to the unconscious. As anultra-conscious example, consider enthusiasticinvestors who immerse themselves as deeply aspossible into the day’s trading on a stockmarket, with constantly changing share prices,the ability to analyze and graph at will, andwith access to the news through a number ofmulti-media channels. An unconsciousexample, on the other hand, is an insurancecompany’s client who might simply wantto know that the monthly premiums arebeing deducted from her checking account,without having to receive notices andaccounts, or having to physically makepayments herself.

The dichotomies of uniqueness and ubiquityon the one hand, and ultra-conscious andunconscious on the other, enable us to create a2×2 framework that financial servicesmarketing scholars can use to explore andposition research, and for practitioners to minefor ideas on strategic direction. This grid isshown in Figure 1.

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BROAD FINANCIAL SERVICESMARKETING OBJECTIVES INTIMES OF U-COMMERCEThe framework in Figure 1 allows the financialservices marketing strategist to identify twothings: First, four broad objectives for financialservices marketing in the age of U-Commerce;second, the possibility of exploring fourdifferent types of marketing to best meetconsumers’ expressed or unarticulated needs.

Financial services marketers should considerfour broad objectives in U-Commerce. First,they might seek to amplify. That is, they shouldfind ways of creating value for customers byextending or enhancing their consciousinteraction with financial services. For example,an investment firm might make softwareavailable on a range of devices that enables anultra-conscious client not only to receive liveinformation on their portfolio, but also toperform a range of what-if explorations ofthe investments in that portfolio. This couldinclude the ability to immediately access videomaterial featuring a listed company’s latestnews, and interviews with senior executives.

Second, financial services marketers mightcreate value for their customers by reducingtheir necessity to consciously interact withfinancial activities. Attenuating informationmeans that where customers do not want tocontinuously be exposed to information,the firm finds ways of producing services‘behind the scenes’. The term ‘silent commerce’

aptly describes such activities (Cata, 2006).Imagine going to a cinema, without stopping atthe box office or seeing an usher. The cinemawould not only detect that the patron hasentered, but also, using a near-fieldcommunication chip in her credit card and areader in the seats, it would automatically detectwhere she sits and charges her automatically,possibly more for premium seats. ‘Continuingcommerce’ could be added, meaning that thepatron is only charged by how much of anoffering she consumes (Siegel and Shaughnessy,1996). If the abovementioned moviegoer leftafter a few minutes, the cinema couldautomatically reimburse her for the ticket(or only charge the portion for the consumedcontent).

The third objective, contextualization, meansthat financial services marketers create valuefor customers by enabling them to focus onuniquely tailored activities that are specific totime, place and context. This requires thatmarketers walk a fine line between over- andunder-exposing customers to information,understanding when customers will wantinformation fed to them, and comprehendingwhen they’d prefer to be left alone. Forexample, a bank’s client might like to be able toinstruct the bank electronically to inform themimmediately when a payment from an overseassource is received on an account. On the otherhand the same client might prefer not to receivea paper-based monthly statement, or evenreceive an emailed one. They might merelyprefer to be able to access it online when theywant to.

The final objective, transcension, requires thatfinancial services marketers create value forcustomers by enabling them to transcend thetraditional limitations of time, space andcontext. Customers want to be able to access afinancial institution’s services ubiquitously,regardless of time, place and distance(Cairncross, 1997). This might include simpleservices such as merely asking for information,which can simply be accessed from a Websitenowadays, or seek answers to more complexquestions from smart agents, digital assistants

Unconscious

Unique Ubiquitous

Transformationmarketing

Immersionmarketing

Nexusmarketing

Syncmarketing

Marketing Objective: Amplification

Mar

ketin

g O

bjec

tive:

Con

text

ualiz

atio

n Marketing O

bjective: Transcension

Ultra-Conscious

Marketing Objective: Attenuation

Figure 1: The U-Commerce framework (after Watsonet al, 2002).



programmed to answer a wide range ofcustomer queries and problems.

FOUR MARKETING STRATEGIESFOR FINANCIAL SERVICES INTIMES OF U-COMMERCEThe four distinct U-Commerce marketingobjectives classified above also permit theidentification of four different strategies thatfinancial services marketers can formulate andimplement, depending on the marketingsituation identified in Figure 1. These strategiesrevolve around attenuating or amplifyingmarketing communication, and eitherenhancing time–place specificity orovercoming it.

In situations of time–space specificity, andwhere customers would prefer to be belowconscious awareness, or unaware ofphenomena, financial services marketers shouldpursue nexus marketing strategies. These typesof strategies focus on making it less necessaryor unnecessary for customers to interactconsciously with phenomena in specificcontexts. It centers on the use of time–space-specific connections (nexuses or nodes)to perform processes on behalf of the customer.Nexus marketing exploits time–space-specificconnections to perform processes on behalf ofthe customer.

In financial services, nexus marketing hasenabled a number of small players to insertthemselves into market situations that werepreviously the domain of incumbent serviceproviders. Traditionally, a customer wishing topark a vehicle would have to carry change, orinsert a credit card to pay a relatively smallamount for parking, and then worry that theydo not exceed the time limit or face a fine.Pay by Phone is a smart phone app of thePaypoint.com group that enables the paymentof parking with minimal fuss. The user registersa credit card with the app, as well as theregistration numbers of the vehicles they own,and all this information is stored electronically.All parking garages, and even individual street-side parking meters in cities such as Vancouver,

Canada are individually numbered. The usersimply enters the number on their smartphone,identifies the particular vehicle, chooses theamount of time they require, and pays forparking by clicking a button on the phonescreen for the parking to start. The user doesnot need to worry that the time will expire, asthe service sends a message (for example, to asmartphone or smart watch) shortly before theparking terminates. If they choose to, users canextend the parking simply and easily. Thebenefits to the user are that of not having toworry about finding coins, having to use acredit card, or worrying about expiration ofparking time. Paypoint.com extracts itsrevenues by charging the user a very smallservice fee, and presumably also by earning asmall commission from the owners of parkingfacilities. A higher level of nexus marketing,similar to the silent commerce mentionedabove, requires even less interaction. Considerthe already prominent, automatic payment ofbridge tolls. Every time a driver passes across abridge, a radio-frequency identification tag onhis car is read by a reader on the bridge, and thetoll is automatically charged to the driver’scredit card, rendering redundant the onceever-present toll stops with their coin collectionboxes or manned booths.

In situations where time–space is ubiquitous,and where customers would prefer to beunaware of the financial services, marketersshould pursue sync marketing strategies. Thefocus here is on using networked technologiesto create value for customers by eliminatingtasks they would prefer not to perform, and toexecute tasks for them that they would prefer tohave done on their behalf. Ubiquitous networkinfrastructures such as the Internet,smartphones, GPS, WiFi and Bluetooth, workeverywhere for the customer, as of coursenowadays, so do social networks. From amarketing perspective, as Peppers et al (1999)note, the ‘store becomes omnipresent’. Herefinancial services marketers work to alleviate thecustomer’s need to perform routine chores,such as remembering passwords and pins, andsigning pieces of paper.

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An excellent recent example of syncmarketing is Apple’s ‘Apple Pay’ system(see www.apple.com/iphone-6/apple-pay/).The intention of Apple Pay is to move theconsumer from carrying a physical wallet stuffedwith cards, and the need to rememberpasswords and pins, to a system where theirApple iPhone or Watch will do it all for them.Apple Pay is a contact payment technology thatcombines an individual’s credit cards, debitcards, and other sensitive-payment data into thePassbook app, and enables them to use theiriPhone or Apple Watch as a wallet. A ‘NearField Communication’ antenna and Touch IDon the iPhone enable the customer to pay atcheckout just by holding their iPhone or Watchnear a contactless reader. A subtle vibration andbeep will confirm that payment has been madecorrectly, with no need to open an app or wakethe iPhone’s display. Apple Pay supports mostmajor credit and debit cards providers andbanks, currently in the United States and theUnited Kingdom. It works with Visa,MasterCard and American Express cards and issupported by such financial institutions asChase, Barclays, USAA, PNC, US Bank, Bankof Scotland, Halifax, Ulster Bank, NatWest,Santander, Royal Bank of Scotland,Nationwide, HSBC, First Direct, TSB, MBNAand Lloyds Bank.

Immersion marketing is appropriate whentechnology delivers value to financial servicesconsumers by extending their normal consciousexperience within unique contexts. Themarketer’s challenge here is to stage whatArnould and Price (1993) have termed the‘extraordinary experience’, a personal,memorable experience that a consumer canhave with a product or a service. The term‘immersion marketing’ comes from the work ofPine and Gilmore (1999) and includes proceduresthat enhance the consumer’s consciousinteraction with the phenomenal world inspecific situations in such a way that everydayexperiences are enhanced and expanded.

Finding ways to implement immersionmarketing strategies will present real challengesto financial services marketers, given that many

of the offerings of financial services providersare complex, and frankly, difficult to makeexciting and experiential. These types ofexperiences are much easier to stage in arenassuch as tourism, leisure and dining. However,this also makes these industries far morecompetitive in the experiential realm, and goodexperiences are also easier to imitate in thissphere. So, while it might be far morechallenging to stage extraordinary experiencesin the financial services space, the marketer thatsucceeds in doing so will enjoy superlativecompetitive advantage. The popularity ofmovies set in the arena such as Wall Street:Money Never Sleeps, Trading Places,Barbarians at the Gate, and, Too Big to Fail,provides evidence of the public’s fascinationwith some of the mechanisms of the financialservices industry. In an age when virtual realitydevices such as Oculus Rift and Google’sProject Cardboard are bringing virtual reality tothe masses, it might be conceivable for astutefinancial services marketers to use thesetechnologies to educate customers and stagefun, exciting, and indeed extraordinaryexperiences in a safe and relatively risk-freeenvironment.

Transformation marketing in financialservices will include processes that combinethe enhancement of an individual’s consciousinteraction with the phenomenal world bytranscending specific time–space locations.This type of marketing will use technology todeliver value in a way that extends acustomer’s normal conscious experienceubiquitously across time and space. Whilethose who conceptualized the frameworksthat help us understand U-Commerce(Watson et al, 2002, 2004), see thetechnological extensions mainly in the formof physiological enhancements such as bioniclimbs and cybernetic prosthetics, we contendthat these technologies will most likely comein wearable form for the financial servicesindustry. For example, a health-insurancecompany might offer premium discounts topatient–customers who agree to wearGoogle’s ‘smart contact lenses’ to monitor



www.apple.com/iphone-6/apple-pay/

physiological indicators such as blood sugarand certain endocrinal levels (Duffy, 2014).These can provide early warnings to wearerswho can then take immediate action to avertmedical emergencies that could threaten livesand also expose the insurance company tovery expensive risks and payouts.

THINKING U-COMMERCE INTOTHE FUTURE OF FINANCIALSERVICES MARKETINGThere is no doubt that technology has broughtabout fundamental changes in the marketingof financial services, and that it will do so evenmore in the future. Technology will change thenature of the interaction between firms andtheir customers, and between firms themselvesas new competitors emerge, and existing playersfind themselves disintermediated or challengedin other ways. E-commerce changed the natureof the interaction between customers andfinancial services suppliers by making it possiblefor them to do almost everything from thecomfort of their own homes or offices.M-commerce permitted customers to do somuch more on the move. Yet the thinkingabout both e-commerce and m-commerce infinancial services has been somewhat hamperedby the fact that executives within the industryhave tended to think of their interactions withcustomers in terms of traditional hierarchies ofeffects models. The ultimate outcome ofhierarchies of effects models is purchase,and so marketers have always thought of theirinteractions with customers in terms of thelatter’s identifying a need, seeking information,evaluating alternatives and making a purchase(followed by some kind of post-purchasebehavior).

We contend that in the age ofU-Commerce, the commerce of ubiquitousnetworks far beyond the Internet andsmartphones, a simpler yet more useful questionto guide a financial services marketer’sinteraction is whether the consumer can dosomething ‘useful’ with the technologies offinancial services firms. The U-Commerce

framework provides an expedient backdropagainst which financial services marketers cannot only understand the technologies thatbecome part of ubiquitous networks, but alsospecify specific marketing objectives such asamplification, attenuation, contextualizationand transcension. They can then formulatethe appropriate marketing strategies to achievethese objectives, giving special attention tonexus, sync, immersion and transformationmarketing.

Saying that technology is changing financialservices marketing is not only true, it is also glib,and very easy to do – but it oversimplifiesdangerously. It causes us to overestimate theshort-term effects of technological change andto underestimate the long-term consequences.Taleb (2001) expresses this well when he saysthat we ‘read too much into recent shallowhistory, with statements like “This has neverhappened before” but not from history ingeneral’. The original U-Commerceframework was developed more than a decadeago, during the rapidest growth years of theInternet and the very early years of technologiessuch as Bluetooth. Smartphones, socialnetworks and wearable technologies had notarrived yet, and so their impact on financialservices marketing had not even been imagined.Yet the fact that the framework is a robustand enduring one means that it can beused very effectively today by the financialservices marketing executive to developobjectives that can survive, and formulate andimplement the marketing strategies that willattain them.

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http://www.visionaware.org/blog/visionaware-blog/googles-prototype-smart-contact-lens-measuring-blood-glucose-levels-for-people-with-diabetes-1418/12




http://techcrunch.com/2015/01/03/the-sharing-economy-and-the-future-of-finance/

http://techcrunch.com/2015/01/03/the-sharing-economy-and-the-future-of-finance/

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Financial services & Ucommerce