You have to pity poor customers. As the Mortgage Market Review and Retail Distribution Review continue to challenge industry folk, what chance do average clients have of understanding the status of the firm they are talking to in the future?
In many ways the client’s view of the landscape after the changes may be similar to the world before regulation in the 1980s.
Of course the underlying mechanisms of legislation, protection and complaints will be different.
But for clients these factors are not always immediately obvious, and it often falls to marketing to outline a snappy message of the service offering.
In today’s busy and loud marketplace this is likely to be all about specialisation and communication of a story.
Professional firms often find it difficult to say no to any new business opportunity but in this brave new world it will be as much about who is excluded from the offer as those who are welcome.
Ultimately, it will be clients who decide. The winners will be the firms that make their offering clear to the people they want to reach and have the strength to say no to others.