Good to see the Banking Sector hitting the headlines for the right reasons. In a speech to business students in Ontario, Mark Carney said ‘Virtue cannot be regulated. Even the strongest supervision cannot guarantee good conduct. Essential will be the discovery of core values and ultimately, this is a question of individual responsibility’.
Carney, currently Bank of Canada governor, will take up his new post as governor of the Bank of England in July. He is leaving no doubt about his approach. He said the lack of trust in major banking systems ‘deepened the cost of the crisis and is restraining the pace of recovery’ and talked about tackling certain big issues ‘this year’. He intends to hit the ground running. http://www.guardian.co.uk/business/mark-carney.
It is time for all leaders in the Financial Sector to actively practice what they preach. No one will argue that the market is difficult and profit margins are tight. We are in an age of increased commoditisation and multiple suppliers – but a short term focus on making a ‘quick buck’ at the expense of the customer is no longer going to work. Customers are knowledgeable, savvy and empowered – deliver or they will move on.
In our view there is no secret to winning trust and loyalty – you need to put customers first. As customers we all have unique requirements: price, features, convenience… the list goes on. People need to be treated as individuals.
Much of the work, as Carney points out, is around restoring core values to the people, from the top down. However, technology can play a major part in improving profit margins with integrity:
- Measure all the important metrics – understand data and use the insight
- Product design has to be vibrant and totally flexible – demands change
- Price should not be a blunt instrument – reflect the value of the customer
- Efficiencies need to be embedded in every part of the process – do not accept the mediocre
- Customer communication should be tailored – and for life!
- Escape the ‘legacy’ trap – invest in the future
We have designed our software to ensure our clients can respond instantly to the changing needs of the marketplace and their customers. Helping create trust and loyalty is what we do!
Why not challenge us to deliver, we know we can help you achieve your business goals.