As Stuart Smith points out (MW September 30), financial services providers will be in for a nasty shock when the supermarkets stop playing with their food.
The main obstacle banks have to overcome is making cynical people trust again. Over-promising and under-delivering are continual problems in the sector. Ever more fantastic claims, made to gain attention, are followed by a disappointing and occasionally a disreputable experience. To build trust, the structures have to be in place to achieve it – that means good quality products and services replacing the need to bribe customers (and sales advisers) to take them out or recommend them.
And don’t be fooled that this can be achieved through a CRM systems initiative. It takes a strategic approach that gets to the heart of the culture of the business in relation to customers. The supermarkets wrote the book on understanding customers. So traditional brands that want to stay on top when supermarkets get serious about finance had better raise their game.
Director of planning