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Banking on Change

Recognising the significant challenges and opportunities facing the finance and banking sector, the first deep dive of ThinkTV’s The Future Series takes a look into consumers' relationships with banks.

As the finance industry emerges from a tumultuous time, marketing leaders are presented with a golden opportunity to refocus their efforts with the customer at the core.

There is no doubt the Hayne royal commission has cast a long shadow over the reputation of the Australian financial services sector. The aftermath has already seen an immediate focus on governance with renewed enthusiasm likely to come in the near future.

But with crisis comes opportunity, and in this case the road to redemption will be lit by the marketers who hand the map and compass to their customers, and quickly, because the biggest shocks to the sector are just over the horizon.

As Australia embarks on a new  era of ‘open banking’, an industry sector that once seemed immune to disruption will be ‘open’ for the first time.  Customers, untethered and unhappy with their current financial providers, will be up for grabs: yours and everyone else’s. When the biggest game in town is the competition to win back the loyalty of disenchanted customers, the winners will be the marketers who are ready, willing and able to step into the fray and make a real difference in their lives.

Change is here and with it is an opportunity for growth. But trust is at an all-time low. And that’s where TV can help.

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