Dear Colleague:

New regulation, deleveraging, and a difficult macro-environment have conspired to produce a “no growth zone” in retail financial services.  In the 8 quarters since the financial crisis abated, pre-provision net revenue growth for all FDIC-regulated banks has been an astonishing negative two percent (-2%) – a trend unprecedented in the modern era of banking.

The bottom line?  In an environment like this, for any of us to grow and generate returns that are attractive to shareholders we will need to differentiate our brands and steal market share.

The most creative executives in our industry are tackling this challenge head-on.  They are pushing the frontiers of their current marketing, product, and delivery models – and where that doesn’t work, they are inventing new ones.  Strategies they are pursuing include:

• Innovating new products and services offerings that customers are willing to pay for
• Developing an integrated multi-channel customer engagement model – including introducing mobile, social media, and advanced web capabilities into the mix
• Leveraging discoveries from behavioral economics to deliver services tailored to how customers actually behave, and produce better outcomes for customers
• Capitalizing on advances in “science” – econometrics, advanced segmentation and predictive analytics, test-and-learn experiments – to deliver superior return on marketing investment (ROMI)
• Moving beyond “the average” to deliver a customer experience that creates loyalists and embodies the brand promise
• Cultivating a lasting, differentiated brand platform and an unassailable corporate reputation

At this year’s Financial Services Marketing & Innovation Symposium, we will explore each of these themes.  We will gather insights from thought leaders in financial services, top retailers, and ground-breaking academic think-tanks, and share perspectives with other executives in attendance who are grappling with similar challenges.

Consider this your invitation to join us for this in New York this December for this agenda-defining event.

Best regards,

Tim Spence
Partner
Oliver Wyman | Financial Services