Summary
The twenty-sixth Meeting of Minds Bank and Brand Distribution of Retail Financial Services took place on 3 October 2019 at The Berkeley Hotel in Knightsbridge, London. This document summarises key issues raised in the topics discussed during the roundtables that took place on the day.
A Meeting of Minds Bank and Brand Distribution of Retail Financial Services is a strategic forum organised by Owen James. It is an opportunity for 80 senior level decision makers from the largest high street banks, building societies, affinity groups, product and service providers and industry experts to meet in a neutral environment where they can examine industry issues and opportunities and develop business strategies to address them.
Participants enjoy access to strategic insight, active involvement in shaping the industry and networking at the highest level.
At the core of these Meetings is a series of boardroom style sessions addressing a pre-researched and pre-agreed agenda, with open discussion led by objective and professional moderators. External speakers spark debate and encourage fresh and original thinking.
To find out more about taking part, please contact John Hall at Owen James: johnhall@owenjamesgroup.com or you can contact at 01483 861334.
This Report
The Roundtable Sessions were moderated by:
- Brod Whiting – JoyndUp Ltd
- Lucile Knight – Clarasys
- Colette Dunn – Milliman UK
- Ed Hamilton – Clarasys
- Stephen Wall – The Wealth Mosaic
- Sarah Collinson – AllClear Insurance Services
- Katie Horne – Aston Fisher
- Anna-Lisa Wesley – Sapphire & Steel
We are very grateful for the time and energy they have expended on making A Meeting of Minds Bank and Brand Distribution of Retail Financial Services a success and hope you will consider this report an interesting, thought-provoking and accessible read. As ever your feedback is much appreciated.
We would also like to thank the independent experts who were part of the sessions for sharing their knowledge and giving us their time and energy both in the run up and on the day
The Sponsors
We would like to thank all our sponsors, without whom the event would not have been possible. The following groups took part in the Meeting and their motivation for taking part is threefold:
- To be, and to be seen as being supportive of the industry
- To understand the stresses and strains being placed on the industry and, where possible, respond to them
- To talk openly with these business leaders with a view to ensuring that their businesses are strategically aligned
The Findings
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Fintechs: let’s talk scrums, sprints, tiger teams, data stacks…..they work in a different way and use a different lexicon…do we really need to underst
As the big established players outsource to nimble specialist fintechs, it is the coming together of two worlds. Indeed, a substantial proportion of our audience will work within a fintech environment. Their way of working would appear to encourage swifter decision making; greater innovation; and be appealing to the well-educated with ambition. Well that is the impression… We are intrigued and will invite a fintech to demystify.
A Meeting of Minds Bank and Brand Distribution of Retail Financial Services - 3 October 2019
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Let’s talk the platformification of banking or marketplaces
A Meeting of Minds Bank and Brand Distribution of Retail Financial Services - 3 October 2019
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Teaser pricing is now a thing of the past as customers become ever more savvy
Teaser pricing is a common route to attract customers, over time the need to provide value for customers has had to become balanced against the need to subsidise new customer acquisition costs.
A Meeting of Minds Bank and Brand Distribution of Retail Financial Services - 3 October 2019
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Trust and reputation
Trust is a rare commodity when it comes to the FS industry. Overall, this sector isn’t great at self-promoting, and cynicism is a big challenge when banks stand up to speak or attempt to share their stories. Their message sometimes comes across as too rehearsed, and manipulative, which isn’t what they intended it to be ; it sounds like the public is after more authenticity.
A Meeting of Minds Bank and Brand Distribution of Retail Financial Services - 3 October 2019
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We need to help children and young people understand money
In order to financially educate young people to increase their understanding of finances and the practical implications for everyday life, children need to learn from their parents or at school.
A Meeting of Minds Bank and Brand Distribution of Retail Financial Services - 3 October 2019
