The financial services cultural orientation matrix

Deborah Stephenson, John (Steve) Worthington, Rebekah Russell-Bennett

Research output: Contribution to journalArticleResearchpeer-review

Abstract

With saturation within domestic marketplaces and increased growth opportunities overseas, many financial service providers are investing in foreign markets. However, cultural attitudes towards money can present market entry challenges to financial service providers. The industry would therefore benefit from a strategic model that helps to align financial marketing mixes with the cultural dimensions of a foreign market. The Financial Services Cultural Orientation (FSCO) Matrix has therefore been designed, with three cultural dimensions identified which influence preference for financial products; preference for cash, aversion to debt and savings orientation. Based on a combination of these dimensions and their relative strength within a culture, eight different consumer segments for financial products are identified, and marketing strategies for each consumer segment are then proposed. Three cultural clusters from the GLOBE Project House et al. (2002) are used to highlight possible geographic markets for each of these consumer segments. In particular, this paper focuses on GLOBE?s Confucian Asia, Southern Asia and Anglo cultural clusters, as these clusters represent the most well established financial markets in the world and the fastest growing financial markets for the future. The FSCO Matrix provides the financial services industry with an innovative and practical tool for addressing cross-cultural challenges and developing successful marketing strategies for entry into foreign markets.
Original languageEnglish
Pages (from-to)1 - 9
Number of pages9
JournalAustralasian Marketing Journal
Volume21
Issue number1
DOIs
Publication statusPublished - 2013

Cite this

Stephenson, D., Worthington, J. S., & Russell-Bennett, R. (2013). The financial services cultural orientation matrix. Australasian Marketing Journal, 21(1), 1 - 9. https://doi.org/10.1016/j.ausmj.2012.07.001
Stephenson, Deborah ; Worthington, John (Steve) ; Russell-Bennett, Rebekah. / The financial services cultural orientation matrix. In: Australasian Marketing Journal. 2013 ; Vol. 21, No. 1. pp. 1 - 9.
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Stephenson, D, Worthington, JS & Russell-Bennett, R 2013, 'The financial services cultural orientation matrix' Australasian Marketing Journal, vol. 21, no. 1, pp. 1 - 9. https://doi.org/10.1016/j.ausmj.2012.07.001

The financial services cultural orientation matrix. / Stephenson, Deborah; Worthington, John (Steve); Russell-Bennett, Rebekah.

In: Australasian Marketing Journal, Vol. 21, No. 1, 2013, p. 1 - 9.

Research output: Contribution to journalArticleResearchpeer-review

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