Customer perspectives on the role and importance of branding in Irish retail financial services

Purpose — This paper explores the role of financial services brand values and compares the importance of process and outcome factors in terms of their impact on customer perceptions, behaviour and experience. Design/methodology/approach — Building on exploratory managerial and consumer research, 50 in-depth interviews were conducted with a quota sample of Irish consumers representing the desired range of demographic and product-related characteristics, including income and financial experience. Findings — Contrary to the literature, functional values are deemed by consumers to be significantly more important than emotional values. In addition, process factors, facilitated through positive interactions with staff, play a comparatively more salient role than outcome factors in building positive brand experience. Research limitations/implications — Further in-depth qualitative and/or quantitative studies need to be conducted with larger sample sizes to address issues in terms of making inferences and generalisations from the research. As this study was conducted in an Irish context, further comparative research should be conducted with other similar financial markets to investigate any underlying cultural bias. Practical implications — It is recommended that financial services providers design brand appeals and advertising messages that are targeted at consumers' functional financial needs. Furthermore, financial service providers can maximise superior brand experience through a successful integrated strategy of meeting customer functional brand needs in an outcome-driven approach and exceeding customer expectations within a process-driven service experience. Originality/value — This paper broadens understanding and insight into the complex and evolving area of brand management within retail financial services and has far-reaching theoretical and practical implications.