Is Retail Banking Overcomplicated?

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Retail Banking

Richard Nolan

Operations Director

The Financial Services Forum


High Street Image

Retail Banking is placed 21 out of 25 on the ‘brand simplicity’ survey conducted by Siegel and Gale. The industry is one of the worst performing in terms of perceived simplicity and hence creating trusted brand experience. How can the industry become ‘simpler’ and be more trusted?



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Scott Davidson

Research Director - Financial Services

Harris Interactive

Mar 2, 2016

Siegel and Gale suggest "Great brands are simple ones ... By embracing simplicity, they attract the right people and drive business results." While Retail Banking is placed 21 out of 25 in their Brand Simplicity Index, I would imagine retail banks would start to close the gap on those sectors placed above them. Why? Because while much has still to be done to rebuild the trust and credibility lost during the economic downturn, I see examples of firms looking more and more from the customer perspective (in part driven by regulation?), of considering the effort it takes customers to do business with them, of hiring and placing User Experience or Service Design teams at the heart of their businesses. Yes, I think it will require hard work, but I think the 'basic ingredients' are there and retail banks can start to improve upon their levels of simplicity and restore brand trust.

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