Given the events of the past 18 months that have seen the spectacular failures of some banks, it was not surprising to hear that many believe consumers have lost trust in financial institutions.
The general consensus was that trust is integral to the wellbeing of the markets. But what is that trust going to look like? Tesco’s announcement last week that it is to have banks in stores is probably a sign of things to come.
Large, trusted companies currently not well known for financial services may well decide that now is the time to capitalise on consumers’ mistrust of those perceived to have got it wrong.
New brands may well emerge that have previously had no involvement and existing brands will have to think long and hard about their position.
The Financial Services Forum is focussed on marketing and according to many senior marketers, now is a great time to build a brand.
There are fewer competitors, so achieving stand-out campaigns is easier than in a crowded market and it is significantly more cost-effective now given the general slump in advertising spend.
It is clear to me that brand will be just as important in the coming years as it was in the past and those that invest in the downturn will be well positioned for the upturn.