“The global banking industry faces new challenges from disruptive bank alternatives, creating a pivotal opportunity to regain relevance with customers. With the emergence of new competitors offering easy, personalized, trusted products, traditional banks’ connection with their customers is fragile. Banks must strengthen their relevance with the disruptive and convenient products customers want, while striving to rebuild the trust that was once an intrinsic component of the relationship.” *
I have a confession. In my role I have to read an awful lot of research reports, white papers and a wide range of other published material about the industries my business works in and around.
Sometimes (ok maybe often) when I am faced with a report on something like “the latest trends in insurance” or “what’s really new in the legal profession?” I get a horrible sinking feeling; not because the topic is not of interest – it always is. And not because I fear that I will somehow be out of my technical depth – sometimes I am but most good research these days is much more accessible than it used to be.
No, it’s more that I frequently find myself either thinking “there’s nothing new here” or maybe “I think I kind of knew this already” or on very rare occasions “I just think this is plain wrong”.
So you can perhaps imagine how I approached the article below entitled “EY Bank Relevance Index” – not only did this have the potential to test the ‘out of my depth’ statement but I also imagined it would probably be a re-hash of lots of other thinking about the banking space. I imagined that it might end with a bland and frankly disappointing set of conclusions.
I was wrong – from start to finish this paper (at least from my point of view) gets right to the point and stays on it. It focuses right in on the need for banks to give a new breed of customer exactly what they want, in the way they want it or face being ousted by the new disruptives.
A slight digression if I may – and a word about disruptives. Over here at Epoq we have been in the business of providing banks, insurers and affinity groups with white labelled legal services for about 16 years. Our unique combination of technology, content and expertise was itself seen as disruptive in the legal market ‘back in the day’. Way back in the late 90s there were practically gangs of lawyers armed with torches and pitchforks claiming that somehow what we were doing was akin to a dark art. As if giving consumers and businesses a better, cheaper and frankly more engaging way of dealing with legal affairs was a bad thing.
Wind forward to today and nobody would really think of what we are doing as disruptive any more; we just simply have a different (and yes I would still say better) method of delivery which appeals to a certain type of end-user and which crucially (and somewhat ironically) gives our partners a way to fight back against the so-called disruptives.
So, if you are involved in the banking sector and you want to know what’s coming and what to do about it, read the article below. I am convinced that it will throw up at least one or two things that you haven’t really considered up to yet. You never know, it might just make you think about talking to someone like Epoq about how to get ahead of the game.
Andrew Walker, Commercial Director, Epoq