What's on Your Mind?

Members of the Financial Services Forum discuss with John Grant what they find useful and challenging about FSF events and what more they could get out of these meetings
Late in 2006, I conducted a number of two-hour interviews on behalf of The Financial Services Forum. The format was simple. I had only two questions – what is on the minds of senior marketing executives in financial services and what would you like to see the forum address as a result?
The contributors
Jeremy Davies – Abbey
David White – Children’s Mutual
Julian Eliott – Lloyds TSB
Mike Holiday Williams – MoreTh>n
Glen King – National Australia Bank
Tim Mack – National Savings & Investments
Steve Clode – Nationwide
Gordon Gourlay – Post Office
The market context
One of the paradoxes of financial services is how well the industry is doing, compared with how poorly it is regarded by its customers. I was told quite plainly that – with very few exceptions – customers don’t like or trust banks. There is no such thing as loyalty, competition is fierce and differentiation low. Regulators are seen mostly as hostile and potentially destructive. The savings gap, pensions crisis and a fragile housing market all hold the potential for disaster. Yet while profits and results remain good, there is little will to tackle all of this individually or collectively.
The market is also increasingly competitive – hypercompetitive, you might say. Take mortgages, for example. There are 9000 products with little difference except ‘rate’, while the move to two-year fixed rate deals ensures that customers must look around to avoid paying the standard variable rate.
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