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

Publication Date	July 2009
Publisher	Datamonitor
Product Type	Report
Pages	19
ISBN Number	not applicable
Product Code	DAT12337

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Summary

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

Content

DATAMONITOR VIEW

CATALYST

Summary

ANALYSIS

Co-operative Financial Services: leading the way in ethical financial services
The Co-operative Group has a long history of close relationships with its customers
CFS is a niche player in the current account market
CFS has maintained a solid position in the current downturn
CFS' rebranding aligns with key consumer Megatrends
The Co-operative Bank is providing authenticity through its ethical principles
The bank's slogan 'Good with money' is testament to the simplicity which adds Comfort to its offering
The opportunity to become a member of the Co-operative Group is testament to its connectivity
The Co-operative Bank has identified a 'sweet spot' of target consumers
Consumers come in various shades of green
CFS is focusing on its specialist market as a customer acquisition strategy for the downturn
CFS has a strong position due to its historic foothold but others see ethical banking as a key opportunity
CFS' business model relies on growing ethical consumer sentiment
Market entrants should consider the level of 'green' they wish to attract

APPENDIX

Data tables
Definitions
The Datamonitor Financial Services Consumer Insight Megatrend Framework
Authenticity
Comfort
Connectivity
Convenience
Individualism
Wellbeing
Demographic Complexity
Financial Intelligence Complexity
Lifestage Complexity
Wealth Complexity
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
Table 1: Unsecured personal loan market by gross lending (??m)
Table 2: Current account market split by market share (%)
Figure 1: The Co-Operative Group had 1.6% of the current account market in 2007
Figure 2: The Co-Operative had a 1.2% market share of unsecured personal loan gross lending in 2007
Figure 3: Comfort is central to the Co-operative's ethical principles
Figure 4: Connectivity is all important to the Co-operative's ethical principles
Figure 5: CFS' most valuable customers are conscience consumers
Figure 6: www.goodwithmoney.com is an excellent resource which complements CFS' adverts