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New banks, new markets, the way ahead

An interesting article from finextra talking about new banks finding it challenging to recruit new customers, it raises an interesting set of challenges for the industry both in reaching out to their customers and into how the banks manage and communicate with their customers.

http://www.finextra.com/news/fullstory.aspx?newsitemid=21607

New entrants to the UK banking market will have a fight on their hands to woo customers away from the security of their existing banks, with just 38% of consumers prepared to consider switching their current account to a brand new bank, according to research by financial comparison site uSwitch.

I wonder how much of this could be countered by a move back away from the sell everything you can to the customer, towards a more hand held, private way of banking? I don’t mind paying a little more for my banking, or dealing with interest rates if the bank is doing all it can, or being perceived to be doing all it can to assist me.

Could we be doing more with social media? More with direct user communication, not the automated text messages, the understanding bit, so Martin, what’s going on, only then might you find out what products, what services I might actually want to buy but do not know who to talk to about it, or how to go about it. A non billable activity, but an important one, whether it’s IT, selling cars or financial services, only through understanding where your customer is, where they want to be and what the possibilities are can you identify revenue and opportunities, the more we act on this, the better for the business, the user community and financial services as a brand and market.

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