Publications

Study

12. Juni 2018

Quo vadis, financial sector? The Swiss Financial Brands Study

Do banks and insurers have a future in the digital world? The fact that the financial sector is facing turbulent times has become increasingly evident for some time: New competitors come and go. Small and agile FinTechs, but also large digital giants like Amazon or Google are entering the market.

What makes us different when everything is digitalized?

In a future where 90 % of all search requests are done via voice assistant, differentiation based on colors, shapes, and logos is no longer relevant. Only differentiating performance, emotional customer relationships, and a strong, lived brand can make the difference in the digital world.

A storm is brewing: It is time to act

  • About 70 % of survey respondents think their bank or insurer is interchangeable.
  • No added value is conveyed: Only 9 % of customers would be willing to pay more for the services they receive.
  • Pain instead of gain: The biggest problem is the interchangeable customer experience at the brand touchpoints.
  • Only 11.5 % find the financial sector attractive as an employer.

Sluggishness rather than brand excellence

Currently, financial services providers are benefitting more from their traditions and the sluggishness of customers than from superior customer experiences and uniqueness. Still, customers are confident that their banks and insurance brands will last: The trust and habit aspect of stable brands helps. Brands live longer than business models and can "buy" management some time to restructure those business models.

Brand management as an opportunity

Brand managers have to spring into action now: Rather than creating a "pseudo-image" with campaigns, the brand as a culture program has to create a unique customer experience from the inside by conveying differentiating values and living them.

 

 

Author

Top Unternehmensberatung 2023: BrandTrust

Hattrick: We are also in the FOCUS Top Management Consultants ranking in 2023

For the third time in a row, we have been recognised as a top management consultancy by business magazine FOCUS in 2023. Once again this year, the excellent performance and memorable expertise of our consultants was recognised by both clients and colleagues.

We are delighted with this appreciation and would like to thank our clients and colleagues.