Consumer evaluation and competitive advantage in retail financial services ‐ A research agenda

The primary objective of this paper is to formulate a research agenda in the area of consumer evaluation and competitive advantage in retail financial services markets. In order to achieve this objective, a brief exposition of the market‐led view of competitive advantage is provided, which emphasises the importance of the provision of “customer value” in the relevant market. The process of consumer evaluation of financial services offerings is then reviewed and potential problems in consumer understanding of some types of financial services offerings are highlighted. The implications of such problems for the formulation of value adding strategies are explored with reference to the conceptualisation of the financial service offering and in particular which elements of the offering may be particularly important in adding value in the eyes of consumers. Finally, propositions for research are developed and explored, with the aim of informing both academics and practitioners.