
Banking: In Search of Relevance
A New Model for a New Reality
Matador (Publisher)
Published on 15. November 2012
Book
Paperback/Softback
256 pages
978-1-78088-311-3 (ISBN)
Description
Over the past 30 years, banks have increasingly lost their relevance to the customer. Thinking that primarily focused on their internal needs, and not their customers', led to them to neglect emerging customer trends and created a space for new competitors to challenge their position. Consumers learnt many valuable lessons during the financial crisis at the end of the first decade of the 21st century, which coincided with the phenomenal rise of social media and consumer-orientated technology, such as smartphone and tablet apps. Uncertainty educated them about the need to gain control over their money and social media taught them the value of their personal data. Banks can no longer assume that they can use consumers' personal data without their approval. If regulators don't force banks to become more transparent, consumers certainly will. Banks continue to torture customers with push marketing techniques based on models with declining response rates, whilst ignoring the customers trying to buy across disconnected channels.
Meanwhile, new lean non-bank competitors stalk banks, offering consumers compelling experiences by leveraging the new technology, a superior understanding of consumers' needs (as they are not hindered by legacy product or channel-based thinking) and better use of data. However, all is not lost for traditional banks that have lost relevance to their customers. Banking: In search of relevance outlines a new model to help regain relevance in the customer's eyes and discuss how banks might survive the impact of the consumer and technology shockwave. The book will appeal to any executive running a multi-channel financial services business, either B2C or B2B.
Meanwhile, new lean non-bank competitors stalk banks, offering consumers compelling experiences by leveraging the new technology, a superior understanding of consumers' needs (as they are not hindered by legacy product or channel-based thinking) and better use of data. However, all is not lost for traditional banks that have lost relevance to their customers. Banking: In search of relevance outlines a new model to help regain relevance in the customer's eyes and discuss how banks might survive the impact of the consumer and technology shockwave. The book will appeal to any executive running a multi-channel financial services business, either B2C or B2B.
More details
Language
English
Place of publication
Market Harborough
United Kingdom
Publishing group
Troubador Publishing
Target group
Professional and scholarly
Illustrations
Illustrations
Dimensions
Height: 246 mm
Width: 171 mm
ISBN-13
978-1-78088-311-3 (9781780883113)
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Schweitzer Classification
Persons
Graham Flower is a Director of Intelligence Delivered and Senior Advisor at Finalta. A member of the Academic Board for the Institute of Financial Services, he has authored books on channel strategy and customer management. Phil Fawcett is a freelance consultant and author. He spent ten years with leading international and merchant banks before joining Lloyds Bank. He is a Fellow of the Chartered Institute of Bankers and has written and lectured extensively on banking. Stuart Harle is a Director of Intelligence Delivered and has many years experience working in global retail banking at a senior level. He was previously responsible for implementing leading CRM practice across the HSBC Group.