The book
Look inside!
Click here to sample a few pages from Chapter 2: Consumers are calling for transparency and simplicity.
Why we wrote Reinventing Financial Services
In the last two years, during and after the crunch, we have been talking nearly non-stop about the future of financial services with executives from banks and insurance companies, in financial centres in Europe, Asia and the Americas. The majority of the people we spoke to are convinced that the financial services industry has changed, dramatically and irreversibly. What next? Two paradigm shifts pop up in almost every report or publication on the future of financials: ‘back to basics’ and ‘putting customers first’. Many talks we have had reveal that at present ‘the customer’ is hardly ever a topic in board-room discussions. There the focus is on capital, costs and contingencies, but never about customers; how they feel, what they need and want.
In the words of Jan Hommen, CEO of the ING Group, who has written the foreword of the book: ‘Reinventing Financial Services correctly points out that our industry’s efforts to rethink and reshape our business by moving back to basics will only have a long-lasting impact if we also manage to make a next move. Moving back to basics simply is not enough. The industry needs to move forward. First and foremost, this means that we should continuously be asking ourselves: what do our customers expect from us?’
The first objective of Reinventing Financial Services is to bring ‘customer focus’ to life.
Reinventing Financial Services outlines the six most important consumer trends financial companies should heed.
1. Consumers’ relationship with financial institutions has changed
2. Consumers are calling for transparency and simplicity
3. Consumers become more and more self-directed
4. Consumers rely on the wisdom of crowds
5. Consumers are revaluing values
6. Consumers prefer to feel close
These are the trends that set the stage for the future of finance and the design imperatives for the successful financial company of the future: how will consumers’ needs change in the next five years? What makes consumers tick? And how should we respond to this?
The second objective of Reinventing Financial Services is to spark new ideas. All consumer trends presented in this book are already happening in one way or another. Reinventing Financial Services includes over a hundred best practices in customer centricity which demonstrate what is possible immediately and already on the way.
Contributions and interviews
Reinventing Financial Services includes the following contributions and interviews:
Guido Lanzoni (UniCredit Group): ‘CEE: uncertainty rules’
Nicolas Parasie (Thomson Reuters): ‘Towering ambitions and financial gravity’
Wander Meijer and Matias Vallebella (TNS Latin America): ‘The banking sector in Argentina: deeply distrusted’
Naoya Takezawa (Nanzan University Nagoya): ‘The 1980’s Japanese asset price bubble revisited’
Dosoung Choi (Bank of Korea): ‘Five essential changes to restore trust’
Mark Cliffe (ING Group): ‘Economics 2.0: this time it’s personal’
Stephen Covey (author The Speed of Trust): ‘Dividends of high trust’
Egbert Deekeling (Deekeling Arndt Advisors): ‘Collateral trust obligations’
Lisa Cochrane (Allstate): ‘It’s back to basics, and the basics are good’
Jean Claude Larreche (INSEAD): ‘Beyond fear and greed: creating a new momentum’
Peter Blom (Triodos Bank): ‘Simplify banking business models’
Herberth Samson and Felix Tenniglo (InShared): ‘We all benefit’
Beatriz Lara (BBVA): ‘The i-ATM: Apple- and Amazon style innovation’
Egbert van Acht (Philips): ‘Simplicity has to run through your veins’
Alan Weber, Ed Sander and Egbert Jan van Bel (authors Event Driven Marketing): ‘A new chapter in marketing’
Greg Davies (Barclays): ‘Consumer insights through behavioural finance’
Walter Capellmann (Capellmann Consulting): ‘The future of distribution’
Carlos Casanovas (La Caixa): ‘Building the bank of the future starts with banking for our youth’
Mads Helleberg Dorff Christiansen (Danske Bank Group): ‘Financial literacy starts at Moneyville’
Andy Muncer (ING Group): ‘The wisdom of crowds in C-suites’
Joe Pine (author Authenticity): ‘Staging virtual experiences’
Mikael Andersson (Expedia): ‘How the Internet and the wisdom of crowds are transforming an industry’
Andrew Clayton (Allianz), Andrei Litvinov and Irina Chichmeli (Life Financial Group, Russia) and Jonathan Marshall (Lloyds Banking Group): ‘Driving customer focus with customer advocacy insights’
Natalie Cowen (First Direct HSBC): ‘First Direct at the forefront of social media’
Michael Useem (Wharton Business School): ‘A new template for company leadership’
Enrique Goñi (Caja Navarra): ‘Civic banking: customer involvement by empowerment’
Ferran Adrià (El Bulli): ‘Innovate and educate’
Fabio Barbosa (Grupo Santander): ‘Banking on sustainability’
Javier Santomá and Francesc Prior Sanz (IESE Business School): ‘Banking the unbanked, through mobile phones’
Nirmalya Kumar (London Business School): ‘Indian financial institutions: ample domestic opportunities’
Sipko Schat (Rabobank): ‘The broader meaning of nearby’
Alfredo Flores (Deutsche Bank): ‘Experience new standards in retail banking’
Gaston Bottazzini (Falabella Group): ‘Retailers are getting close’
Tilman Hengevoss (Zurich Financial Services): ‘Deliver when it matters’
Frank Pedersen (Jyske Bank): ‘Jyske Bank’s inviting branches’
Theo Bouts (Zurich Financial Services): ‘The Swiss insurance secret’
François Coste (AXA): ‘Share to succeed’
Richard Hill (Standard Chartered Bank): ‘Leading the bank to charter the consumer’
Willy Linssen (Heartware Korea): ‘Leading is caring for people and results’
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