Some speakers at a recent BSA (Building Societies Assoc.) Conference in Birmingham raised the issue that the grocery multiples might not fail in treating financial services like selling groceries…
Perhaps the delegates might consider what financial services innovation the grocery multiples can offer the banking sector:
- Ability to assess and underwrite a shopper’s insurance risk and price based on goods (alcohol, tobacco, health food, medicine) in a shopping basket, whether it be for a mortgage or an unsecured loan.
- Staffing coverage matched to customer need i.e. lunch-hours
- Customer focus reflected in the offering i.e. selling what customers need
- ‘Shopping-around’ acknowledged as a customer driver i.e. making comparison easier, with price-comparison web sites to ensure the retailers never forget…
- Ability to learn from their ‘mistakes’ and re-engineer the offering, fast (think global financial crisis, trust, risk, performance-based-reward,…..)
- Above all, trust and an abiding interest in the consumer-shopper, from womb to tomb (and perhaps a little afterwards?)
Any banks that still think Tesco/Asda/JS/Morrisons and the Co-op are about grocery retailing need to remove the blinkers and spare a couple of hours ‘shopping around’ the 24/7 ‘grocery’ environment and think grocery banking…
By lunchbreak (!), it may be obvious that in fact, all the banks need is a 180 degree turn, coupled with cultural re-bore and a 100% makeover to even think about remaining in the financial services game…
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