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Financial services:
Financial services companies worldwide have never faced so much change. Areas that were the preserve of retail banks are being taken over by organisations ranging from international conglomerates to retail stores.
Financial markets are increasingly volatile, moving from bull to bear and back with a velocity never seen before. Individual consumers have more choice and more influence than ever as traditional geographic and market boundaries are broken down and deregulation initiatives mature.
Tradition is a barrier
Power has shifted significantly through mergers and acquisitions, particularly in the insurance markets where diminishing margins mean that scale and specialisation are important.
Paradoxically, the traditional ways in which financial services organisations sold and delivered their products have become institutional barriers to their future success.
The cost of conventional sales methods is so front-end loaded that it cuts deeply into the quality of customer service that should be provided over the life cycle of the product. Product centred organisations struggle to achieve a single integrated view of their relationship with individual customers.
Listen and customise
The customer conversation, and how this is managed, is now central to success, and this is why a single integrated view of the customer relationship is so important. Financial institutions can no longer act as custodians of money and executors of financial transactions.
They need to be facilitators for taking care of the concerns of their customers. They need to be flexible, not rigid. They need to learn to listen and customise, not offer standard products and services.
Fundamentally, all of these are human competencies that require new levels of performance from people in the workplace, supported by new generations of technologies and tools. The insights and capabilities that VISION brings is where the breakthroughs in these organisations will emerge.
The impact of our involvement can be seen in the significant benefits that have accrued to our clients - the doubling the capacity of a leading mortgage provider in eight months, the establishment of Europe's fastest growing telenet banks in nine months and the creation of new customer-centric cultures supported by technology in companies involved in capital markets and insurance.
Banking: the traditional model crumbles
Capital markets: volatility like never before
Insurance: service and transparency are vital
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