The financial crisis and the subsequent economic melt-down have forever changed the relationship between consumers and financial service firms. Crowd Media are hosting a seminar on this revolutionary shift, particularly for regulated business, and our aim is to de-mystify and educate on this topic.
We are constantly monitoring this sector and looking at the biggest challenges the financial services industry faces right now. As part of of our ongoing research we thought we’d suggest some of our own recommended reading.
Consumer expectation has changed, and this, coupled with the lack of trust in the banking industry, means innovation has to happen – and sooner rather than later. Reading any of the titles below will not only open your eyes to the current landscape, but it will shine a spotlight on crucial new thinking, and how this will shape the future of business.
Big Bad Banks
How greed and ego among the big shots in banking and government created the crisis that wrecked our economy by C.R. Cloutier, Chairman of ICBA in 2003-2004 shares his insights about what led to the financial meltdown, the inner workings of bank failures, and lists 20 reforms which he believes would improve the banking industry and economy.
The Orange Code
How ING Direct Succeeded by Being a Rebel with a Cause by Arkadi Kuhlmann, CEO of ING DIRECT and Bruce Philip. How championing consumers led to ING Direct’s revolutionary rise in the banking industry. ING’s story of striving to be different – a rebel with a cause and how in doing so, they’ve become the most successful online banking venture in history.
Shift Happens: The New Age Of Bank Marketing
How Changing Lifestyles and Customer Experience Are Challenging Bank Marketers by Nick Vaglio and Bruce Clapp. Great book that addresses the need for banks to navigate the perfect storm of conditions that presents tremendous challenges for banks and their marketing professionals.
How Customer Behaviour And Technology Will Change The Future of Financial Services by Brett King. 90-95% of bank transactions are executed electronically today. The Internet, ATM’s, call centres and smartphones have become mainstream for customers, but banks still classify these channels as alternative. Continued technology innovations are stretching traditional banking models to the limit. How is the industry going to cope with the fact that your mobile phone will replace your wallet, all within the next ten years?
What Consumers Expect From Future Banks & Insurers by Roger Peverelli and Reggy de Feniks. Reinventing Financial Services puts the customer centre stage. It uncovers the radical shift in consumer perception and identifies the six key consumer trends that financial institutions must heed. These trends set the stage for the future of finance and are inevitably connected with the way banks and insurance companies must change to hit the perfect note.
A shopping list that will help financial service providers find the right answers to the challenges of the new financial reality:
- How to restore consumer trust
- How to differentiate when transparency rules
- How to become close to consumers across channels
- How to leverage social media and mobile services
- How to align customer centricity and profitable growth
- And last but not least, where to start to create a new future