However much a company tries to do the right thing, sometimes it’s really hard to deliver the service it sets out to offer. TSB has worthy values – straightforward, transparent and responsible. It also has 8,500 staff working to meet the needs of customers, but people are so reliant on digital platforms these day that when the system goes down, all the good stuff is quickly forgotten.
People talk about the importance of personal service, face-to-face contact and physical branches, but nowadays we also expect a digital interface and we expect it to be brilliant. It’s no longer a nice-to-have – it’s core.
We all know that the entire wealth space is also in the midst of a technology upgrade. Companies have to choose between the ‘frying pan’ of replatforming, which comes with eye-watering costs and all sorts of risks, and the ‘fire’ of technological obsolescence, with its margin-killing inefficiencies and unmarketable consumer-facing functionality.
In reality, there is no choice – there’s only one direction that consumer expectations are moving. That means that business transformation is here to stay, whether that’s in terms of technology, products or propositions. Diversification is increasingly important for success in the sector and accurate target marketing is needed to convert the commercial opportunities that are identified.
Avoiding the TSB scenario is much more easily said than done but doing the homework is a good place to start.
We’re not IT specialists at Platforum but we do conduct bespoke research-based assignments and provide strategic consulting. We can support strategy development with sector-specific data to provide valuable insights and practical insights to businesses embarking on the inevitable journey of change.