On 1st November 2012, we published ‘Banking: In search of relevance. A new model for a new reality.’ explaining how banks had lost relevance with their customers, & how they might regain it.
Eight years on, we’re concerned that so much hasn’t changed.
They continue their ‘parent/child’ attitude towards customers: ‘eat our products they’re good for you’, all the time declaring how ‘customer-centric’ they are in their annual report.
They don’t understand or act on their primary role: to help customers do a job.
‘We’re with you’, marketing messages flatter to deceive because their ‘product-push’ architecture delivers a very different real-life experience.
‘Bank-in thinking’ means they’re more interested in products & channels than their customers. New competitors started out with a veneer of customer intent but then reverted to the old ‘product-out’ mentality.
Size & market position isn’t protecting them from disruption & work against them in the new reality.
We still conclude that relevancy to your customers & having the capability to deliver the right experience will decide who survives or fails.
The critical issue remains: banks are all looking down the wrong end of the telescope!