Technology vs. consumer behavior: The battle for the financial services customer

Abstract

The widespread availability of sophisticated technology coupled with the recent wave of mergers and acquisitions in financial services has heightened competition throughout the industry. Battles for the consumer's financial services dollar are taking place constantly, usually based on single-step direct marketing programs. But consumer resistance appears to be growing, especially resistance to new, high-tech alternatives to existing products consumers already use and understand. This paper examines some examples of the current situation, then uses a discussion of diffusion of innovations theory to help explain why the current situation has occurred. Thereafter, it uses Curriculum Theory, developed by a group of innovative direct marketers about 15 years ago, to offer potentially more effective direct marketing methods. Finally, it examines a new product, the smart (or stored value) card, and suggests ways to use what is known about diffusion to build effective curriculum programs.

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