A 13-point manifesto for a new financial services marketing model
Anthony Thomson knows a thing or two about new and disruptive financial services, having co-founded and chaired first the ground-breaking Metro Bank and then the purely digital, app-based Atom Bank. And as a financial services marketing specialist for over 30 years, Lucian Camp has helped develop more new and innovative financial services propositions than anyone.
Now they’ve put their heads together to write No Small Change, a passionate, opinionated and practical manifesto arguing that the fast-changing financial services world urgently needs to rethink the whole of its approach to marketing.
Most of all, they propose that an increasingly digital, fintech-driven industry needs not just more marketing, but also better marketing to make sure it’s successfully identifying consumers’ real needs, and finding powerful and successful ways to engage with them.
After detailing the forces of change that demand a new approach, the book then examines in 13 chapters what the key components of that new approach should look like. It takes a broad and multi-faceted perspective, exploring areas as diverse as the crisis of consumer trust, the ever-growing power of Big Data, the importance of leadership and corporate culture and the rapid advance in thinking based on Behavioural Economics.
In developing these themes, the authors don’t pull their punches. The book is fiercely critical of some of the industry’s long-established marketing habits, providing compelling reasons why it’s time to abandon the practices that have given it a bad name.
Marketers will applaud, but the book is also intended for a broader audience. Thomson and Camp challenge senior management in financial firms to appreciate the real value that marketers can bring to shaping the business agenda at the highest level, and not just to label marketing with that tired old phrase “the colouring-in department.”
Rich in anecdotes, comments from leading industry figures, personal experiences on the part of both authors and findings from original research, No Small Change is an entertaining and rewarding read – and, at this point in the development of financial services, a timely and important one.
Table of contents
- About the Authors
- CHAPTER 1: About This Book
- CHAPTER 2: What Is Marketing, And Why Does It Matter?
- CHAPTER 3: From ‘Best Advice’ to ‘Satisficing’
- CHAPTER 4: Why Not Then? And Why Now?
CHAPTER 5: Retail Financial Services How?
- CRITICAL ILLNESS INSURANCE
- CURRENT ACCOUNTS
- EQUITY RELEASE
- FINANCIAL ADVICE
- LIFE ASSURANCE
- MOTOR INSURANCE
- PAYDAY LENDING
- PEER-TO-PEER LENDING
- PENSIONS (ACCUMULATION)
- PENSIONS (DECUMULATION)
- PRICE COMPARISON SITES
- PRIVATE MEDICAL INSURANCE
- ROBO ADVICE
- TRAVEL INSURANCE
- TRAVEL MONEY (FX)
- WEALTH MANAGEMENT
- CHAPTER 6: Real People, Real Lives
- CHAPTER 7: Cutting in the Middle Man
- CHAPTER 8: Introducing the New Financial Services Marketing
CHAPTER 9: How Does Your Firm Define Its Purpose?
- BACKGROUND TEST 1: HAS THE STATED PURPOSE BEEN ADOPTED RECENTLY?
- BACKGROUND TEST 2: IS THE ORGANISATION LARGE, COMPLICATED AND SILOED?
- BACKGROUND TEST 3: SIMILARLY, AS A CUSTOMER, ARE YOU DEALING WITH A PERIPHERAL PART OF A LARGE, COMPLEX BUSINESS?
- BACKGROUND TEST 4: HOW IS THE BUSINESS'S RELATIONSHIP WITH ITS EXTERNAL SHAREHOLDERS?
- BACKGROUND TEST 5: IS THE BUSINESS FINDING IT EASY TO MAKE MONEY?
- CHAPTER 10: Does Your Firm Have a Strong and Distinctive Culture?
- CHAPTER 11: How Much Is Big Data Changing Your Business?
- CHAPTER 12: Do You Get the Power of Behavioural Economics?
- CHAPTER 13: Are You Really Any Good at Innovation?
- CHAPTER 14: Are You Absolutely Sure About ‘Restoring Trust’?
- CHAPTER 15: Whatever It Is, Can You Make It Simpler?
- CHAPTER 16: Are You Just a Little Bit Boring?
- CHAPTER 17: Call That a Brand?
- CHAPTER 18: Yes, But Can You Prove It's Working?
CHAPTER 19: Must Planning Your Comms Be So Horribly Complicated?
- IT'S BROADCAST AND NARROWCAST, NOT OR
- WORRY MOST ABOUT BEING IGNORED
- THE RULES OF DIRECT MARKETING STILL APPLY
- NOTHING MATTERS MORE THAN THE BRIEF
- FOR HEAVEN'S SAKE, TRY TO BE A GOOD CLIENT
- BETTER TO BE CONSISTENTLY (A BIT) WRONG THAN INCONSISTENTLY RIGHT
- MAKE SURE YOUR ORGANISING IDEA REALLY ORGANISES
- APPROACH CONTENT MARKETING WITH GREAT SUSPICION.
- TIME TO CLOSE UP THE FRONT OFFICE/BACK OFFICE DIVIDE
- SPEND MORE MONEY ON INTERNAL COMMUNICATIONS
- CHAPTER 20: How Far Can You See Beyond Financial Services?
- APPENDIX 1: Winning Entries from the Financial Services Forum Marketing Effectiveness Awards
- Further Reading
- End User License Agreement
- Title: No Small Change
- Release date: August 2018
- Publisher(s): Wiley
- ISBN: 9781119378037
You might also like
The convergence of blockchain and Internet of things (IoT) powered by data and artificial intelligence (AI) …
The Art of Communication
Bring nuance, depth, and meaning to every conversation you have The Art of Communication is for …
Introduction to ChatGPT and OpenAI
OpenAI ChatGPT is a powerful language model that uses advanced ML techniques to generate human-like text …
How Spotify uses machine learning to personalize the user experience
Understanding user listening behavior is essential for personalizing music listening experiences on Spotify. Mounia Lalmas explains …