One-Stop Shopping: A Better Deal?

Article Abstract:

The deregulation of financial services could lead to problems for consumers which up to now seemingly have not been considered. Regulatory and solvency problems lead to consumer abuses unless the consumer needs are met. Educating the consumer so that proper buying decisions can be made is a concern. Several barriers face consumers including the information barrier, the tie-in barrier dealing with bank coercion, monopolistic practices, impersonal service and the entitlement barrier. The formation of citizens' financial services boards and consumer information services are needed. The turmoil existing in the industry due to the deregulation issue and pricing competition seems to overshadow the importance of a well-informed paying customer.

Psychological aspects, Information services, Consumers, Consumer education

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Seizing an opportunity: most insurers and agents shudder at the thought of banks selling insurance. However, astute marketers will seize the chance to partner themselves with banks

Article Abstract:

An Independent Bankers Association study of 1991 reveals that over 40% of banks not currently selling insurance products are contemplating entering the field. Banks represent an ideal market for insurance companies and agents. A bank-insurer alliance is ideal because banks have a strong infrastructure for collecting payments, banks represent an established distribution system, banks are trusted by their customers, and banks are a ready source of qualified prospects for insurers. Insurance companies and agents will have to offer banks much more support than they do to a typical agent.

DEPOSITORY INSTITUTIONS, Insurance agents, brokers, & service, Marketing, Bank marketing

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One Stop Shopping: A Better Deal?

Article Abstract:

With so many financial services soon being offered by so many different industries, some regulation is needed. A new role emerges. The consumer information broker will assist in deciding which services meet the buyer's needs. Five barriers face the consumer due to deregulation. The insurance company role must be determined as the industry climate is changing so quickly.

Laws, regulations and rules

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