Co-operative Financial Services Case Study: Effectively Communicating an Ethical strategy

Introduction

This case study on Co-operative Financial Services forms part of Datamonitor's new series highlighting best practice in specific areas of financial services.

Scope

*This case study analyzes the key successful elements in Co-operative Financial Services' marketing strategy

*The case study examines how the brand has developed to its current status and why it appeals to consumers so strongly

*Datamonitor's Financial Services Megatrend Framework is used to analyze the effectiveness of customer targeting strategies

Highlights

As worldwide financial services markets undergo a period of enormous upheaval, products which appeal to softer attributes other than simply the desire to make fast returns have increased in popularity. By targeting community-focused and ethical investors, CFS has effectively carved itself a profitable niche.

Reasons to Purchase

*Gain insight into the methods used by important industry players to give them a competitive edge

*Identify specific areas for operational improvement

*Capitalize on the knowledge of experienced companies when entering a new niche or market

Report Highlights
Highlights

As worldwide financial services markets undergo a period of enormous upheaval, products which appeal to softer attributes other than simply the desire to make fast returns have increased in popularity. By targeting community-focused and ethical investors, CFS has effectively carved itself a profitable niche.
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DATAMONITOR VIEW 1
CATALYST 1
Summary 1
ANALYSIS 2
Co-operative Financial Services: leading the way in ethical financial services 2
The Co-operative Group has a long history of close relationships with its customers 3
CFS is a niche player in the current account market 4
CFS has maintained a solid position in the current downturn 6
CFS' rebranding aligns with key consumer Megatrends 6
The Co-operative Bank is providing authenticity through its ethical principles 6
The bank's slogan 'Good with money' is testament to the simplicity which adds Comfort to its offering 7
The opportunity to become a member of the Co-operative Group is testament to its connectivity 9
The Co-operative Bank has identified a 'sweet spot' of target consumers 10
Consumers come in various shades of green 11
CFS is focusing on its specialist market as a customer acquisition strategy for the downturn 13
CFS has a strong position due to its historic foothold but others see ethical banking as a key opportunity 14
CFS' business model relies on growing ethical consumer sentiment 14
Market entrants should consider the level of 'green' they wish to attract 15
APPENDIX 16
Data tables 16
Definitions 17
The Datamonitor Financial Services Consumer Insight Megatrend Framework 17
Authenticity 17
Comfort 17
Connectivity 17
Convenience 17
Individualism 17
Wellbeing 17
Demographic Complexity 17
Financial Intelligence Complexity 17
Lifestage Complexity 18
Wealth Complexity 18
Further reading 18
Ask the analyst 18
Datamonitor consulting 18
Disclaimer 19
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List of Tables
Table 1: Unsecured personal loan market by gross lending (£m) 16
Table 2: Current account market split by market share (%) 16
List of Figures
Figure 1: The Co-Operative Group had 1.6% of the current account market in 2007 4
Figure 2: The Co-Operative had a 1.2% market share of unsecured personal loan gross lending in 2007 5
Figure 3: Comfort is central to the Co-operative's ethical principles 8
Figure 4: Connectivity is all important to the Co-operative's ethical principles 10
Figure 5: CFS' most valuable customers are conscience consumers 11
Figure 6: www.goodwithmoney.com is an excellent resource which complements CFS' adverts 13
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