My name is Phil McGuin, I am the Director of Consultancy here at Stickyeyes. I’m here to talk about the top five key findings, of our latest Consumer Finance Report.
What is the most striking aspect of the 2015 report?
The most striking aspect is the prominence of online and High Street retailing brands.
Over the last year we have seen an erosion in terms of the market share of Price Comparison Websites. While we have seen the rise, of the likes of Tesco Bank and Barclays.
Why are we seeing a resurgence of High Street brands?
According to the British Bankers association, over 70% of banking transitions will be done online, with around about 40% done by a mobile or tablet device.
By the year 2020 this is set to rise to over 90%, so digital marketing, search, social have become the staple diets of high street retail banking strategies.
Are financial services finally starting to embrace social media?
Historically, financial services have always been risk averse when it comes to social media. There is definitely a two-tier system developing.
You do see a handful of brands such as Natwest, and Barclays – that are way ahead of every, and they are not only innovating within the customer service space.
But, they are also developing an integrated approach, by offering brand activation as well as information about their products and services.
Are brands fully embracing mobile sector growth?
Yes. Let most sectors, using a mobile device to engage with a brand is simply a fact of life. But the growth of mobile is also linked to the growth of technology like general banking apps allowing the user to do general banking transactions, it’s also Pay-M as well as Apple pay, in the contactless payment space.
What are the next opportunities for High Street brands in 2016?
Finance services have a depth of experience in customer segmentation, understanding the needs and desires of the customers, allowing them to develop sophisticated and complicated offline strategies.
The opportunity moving forward is to be able to translate online and to develop a content led approach to their digital communication – that has content tailored to their customers.