Bank ®evolution – understanding Banking's role in customer's life

Retail Financial Services

Retail Financial Services



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Expert: Tony Crane, BrightSky, Clearminds

Moderator: Phil Alcock, PBF Solutions


Finding 1

It was felt that banks take on various roles in customers’ lives and these mainly depend on the lifestage and financial requirements of the customer segment. Wealthy older savers and pensioners will require bank’s service in a totally different way to a recently-qualified graduate. 

Finding 2

There was a lot of debate of what these roles might incorporate; ranging from financial educators, provider of products, information services right through to banks being a focus within geographic communities. 

Finding 3

One common theme was that banks need to develop a more personal role in customers’ lives. This includes tone of voice, personalised products and bespoke solutions based on requirements. There is a feeling that challengers and fintechs are succeeding here versus the incumbent banks. 

Finding 4

Given the depth and breadth of data captured by most banks offering transactional services, it was felt that the bank’s role could be extended into adding value in other parts of customer’s lives. This could include retail or travel offers based on spend profiling. 

Finding 5

It was felt that UK consumers could be on the cusp of  financial existence without the need for banks – ie Financial Services would be provided by non-traditional players. Therefore the requirement for banks to extend their role and not just become commodities in themselves. 


Regulators and politicians can exert pressure on banks to fulfil some of these roles that don’t necessarily contribute directly to the P&L – education and needs-based guidance.