Financial Services

A Sector facing a plethora of change.

Our clients face increasing regulatory burden, increasing customer expectations, business cost pressures, the emergence of new competitors and the ever-present demands of shareholders. These changes pose a threat to profitability and the freedom to operate. SPP knows first-hand the nature of these challenges and has a well-developed approach to dealing with a range of these issues

Increasing customer expectations in parallel with significant business pressures

Fundamental value propositions are being challenged as financial institutions face competition from more nimble operators. Both efficiency and effectiveness of service need to be maintained, as customers seek more convenience and simplicity in the way they interact with their service provider. Digital and cross-channel capability must continue to lift.

Challenges to the social-licence to operate – and the need for greater customers empathy

Banks in particular face considerable regulatory burden challenges following the Hayne Royal Commission. Large scale remediation efforts are underway with significant data and customer-relationship challenges. More than ever, empathy is at the fore as a skill and a characteristic that must be shown in any customer engagement. Government liaison and relationship development is also as important as ever.

Emergence of new competitive forces

Both through the emergence of open banking, and the ongoing growth in neobank and new bank competitors, from the traditional to the fintech, Banking and Financial Services organisations face ongoing pressure to compete. In some cases, new business models and payment models are also threatening the status quo.

Increasing shareholder demands

Shareholders are placing more and more scrutiny on the delivery of strategic projects. The management of strategic projects has never been of greater value. Ongoing structured approaches to customer retention and growth are also requiring greater sophistication, especially in fields such as Private Health Insurance which as seen a significant loss of market share in recent years.

SPP can help based on a variety of strategic skills and experience

• Customer focused growth strategy support utilising our “Return on Customer First” method – identifying winning value propositions and strategies for specific customer segments
• Transformation support  to assist with major change around issues such as remediation and ongoing efficiency
• Data strategy and operational support where the direction taken with Data is critical – including open-data programs, remediation programs, and ongoing customer-insight (Know Your Customer) programs
• Broad strategy support including business unit strategy
• SME Banking insights utilising our strengths in understanding SME’s across a range of sectors

As a firm we’ve supported many FSi’s to achieve their goals

• SME Banking Strategy for an emerging new financial institution
• Empathy Fix work focused on development of empathetic skills – for customers and internally -for banks and also insurance groups
• Market Entry strategy for an international fintech in financial markets
• Rebrand for a group of associated private health insurance businesses