The Distribution Revolution

Richard Nolan

Operations Director

The Financial Services Forum

Disruption in financial services is a topic taking up more column inches and web pixels than ever before. However, we are only just at the beginning of the journey. Many of the ambitious FinTech brands around today will go on to become household names in the next five years. We asked Forum Members for their insight into how disruption will shape the FS landscape as we move into an exciting new era.
Banking is a sector that’s been crying out for disrupters, and we’re really proud that Atom is leading the way. Being a disrupter is about turning an industry on its head, and for us the key is to create a bank that is focused on the customer experience, developing a brand and a culture that fixes the boring (and at times painful!) banking model. Technology plays a huge part – we’re building a bank that people will really want to use, and crucially, one that is constantly evolving to make the best of the latest innovations. Our app is built on a gaming platform, it uses face and voice recognition, and it is totally personalised to each customer – these are the fruits of the work of our truly imaginative team, each of whom is passionate about making banking better, permanently.
Direct Line was born out of innovation and our ambition is to continue to revolutionise the insurance industry. If we didn’t take innovation seriously we would disappoint our customers and ourselves. In the first instance we have addressed the fact that for too long the insurance sector focused upon price and the point of purchase, to the exclusion of almost everything else. So whilst everyone else ‘zigged’ we ‘zagged’ by making the point of need the hero. Direct Line became the ‘fixer’ brand, differentiating itself and restoring brand leadership within the insurance market. To ensure that we retain our market leader position and mentality, we cannot rest on our laurels for a moment. The rise of the shared economy, driverless cars, the Internet of Things, PAYG, peer to peer, insurance as a service, and FinTech in general point to highly exciting times ahead.
TSB was built to bring more competition to UK banking and that’s exactly what we’ve been doing since we launched onto high streets three years ago. We’re focused on working in partnership with each other, our customers and our local communities, making banking better for all UK consumers. And, as Britain’s biggest challenger bank, there’s no time to stand still. The way customers interact with their bank is changing, which means we need to work hard on a daily basis to ensure the service we offer is continually improving – whether it’s via our online or mobile bank, or over the counter in a branch. We want customers to be able to bank with us how they want, where they want, when they want – what we call Local Banking on Demand.
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