The competitive landscape
Financial institutions operate in an intensely competitive and highly regulated environment that has become even more challenging due to the global economic turmoil. Also affecting the industry is a wave of mergers, acquisitions and restructurings which continue to reshape the business landscape.
As firms navigate this potentially perilous terrain and adjust to new market conditions, they must also seek new ways to communicate their value to customers and regain consumer trust. This is especially important today, as a steady stream of home foreclosures, rejected loans and changing retail banking fees has led to an erosion of trust between consumers and financial institutions.
Crisis of confidence
According to a 2011 survey conducted by Ernst & Young , 44% of retail banking customers around the world said their trust in the banking industry decreased in the past 12 months. In the United States, confidence levels were even lower, with 55% of customers indicating that they have less confidence than a year before.
Another example of the financial service industry’s disconnect with customers is highlighted in Siegel+Gale’s recently published Global Brand Simplicity Index, in which consumers worldwide ranked certain banks, credit card firms and insurance companies among the laggards in providing simple communications, interactions and experiences.
Proprietary research yields deep insights
Our expertise is using rigorous research methods to analyze a company from the outside in, and create and implement a strategic brand platform that redefines how firms express their brand promise. For financial institutions, this means developing a strategy that illuminates the real value they deliver and educating and empowering employees to bring the brand to life.
At the core of our implementation process is helping companies develop an organizational purpose, an overarching statement which inspires employees to believe in what they do. Other services we provide include creating an aesthetically pleasing and user-friendly visual identity, and using our SimplicityLab™ to measure the clarity and comprehensibility of all communications, especially in regard to confusing financial jargon and complex legal agreements.
In the rapidly changing financial services industry, Siegel+Gale can provide companies with the tools they need to reposition their brands, refocus their mission and establish a foundation for future growth.
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