Banks urged to know their customers better

BANKS and other financial services companies have to get to know their customers better if they are to rebuild trust in the wake of the financial crisis.

That’s the opinion of North West PR boss Sue Little, chief executive of McCann Manchester, who was addressing an event organised by pro.manchester, the private sector organisation.

Ms Little said the financial crisis and ensuing scandal over bankers’ bonuses was not the only reason for a “general disconnect” between financial professionals and consumers.

She said the rise of social media had empowered consumers, giving “everyone and anyone the ability to express an opinion about a brand instantaneously”, and the popularity of price comparison websites such as moneysupermarket.com, comparethemarket and gocompare.

Ms Little said there was no magic wand for financial companies to wave to repair the damage caused by the credit crunch, and argued lessons could be learned from the supermarkets and the “new world trust sector” – made up of companies like Apple, Amazon and Google – for whom innovation and customer knowledge are vital.

She said: “Supermarkets are winning out in the trust sector, reacting daily to challenges and responding to what consumers want and provide it.

“They have had to embrace a number of consumer agendas – at the same time as some of them having to re-invent their value propositions.”

She said the successful companies of the future would adopt a “anything is possible ethos”, and work on new products with their customers.

“This belief that anything is possible, the willingness to move any barrier in pursuit of customers’ needs separates the companies of today with the companies of tomorrow.

“Getting close to customers is something every company can do, but it has to come from the top.”