Surveys and reports about consumer attitudes to banks and other financial service brands are ten-a-penny. It is no news that the industry is amongst the least trusted, and more worryingly, that this is largely unchanged since the financial crisis of 2008.


At St Luke’s, we wanted to dig deeper. Who better to ask about the truth of financial service brands than the people who work for some of the biggest brands, working day to day in front-line customer service? In May 2016 we recruited an anonymous selection of financial service workers to an online discussion about the brands they work for, what they stand for, and how this affects the customers they deal with day in, day out. Brands included several of the leading high street banks and insurance providers.


Nobody knows better than the people at the sharp end of customer service, how poorly the industry is perceived…


“At the moment all financial services companies are tarred with the same brush”


Their diagnosis (which will be familiar to anyone working in financial services) is that financial brands had lost touch with the fundamentals of looking after their customers. The last few years have seen an industry-wide correction. Every one of our panel talked about how their brand now places the customer at the heart of what they do:


“There have been various adverts for my company all aimed at letting the customer know they come first”

“Putting the customers first and working together but the main focus is always the customer”

“The company I work for stands for giving customers a high level of service”

“It’s going that extra mile for our customers. That’s what my company is about!”

“The bank believes in fair and helpful banking. It wants to build a trust and personal rapport with customers”


Clearly every financial brand has heard the same thing in focus groups, and gleaned the same message from their net promoter score: focus on the customer. As a result, each company has undertaken a programme of transformation. From our research, these programmes have fallen into three main categories:


1. Brands that have translated the high level vision of customer centricity into tangible direction for employees. Staff understand the intention, but more importantly, they understand what they’re supposed to do with it. They know the kind of conversations they should be having, and the behaviours they need to adopt. (“Key training elements were: Have “un bank like” conversations. Ask, would you treat a family member like this? Is this going to cause knock on effects for customers?”).


2. Brands that have confused employees with generic or airy-fairy marketing language. (“Inspire, Deliver, Empower, Aspire… As an employee I am expected to try and keep these 4 things at the forefront of my mind when dealing with customers. I don’t think it’s a good fit for my day to day role”).


3. Brands that have set an ambition to put customers first but not aligned their business and systems behind this. (“Sometimes it’s the systems that we have and the processes that we need to go through that can end up with us not being able to completely satisfy the customer”.)


… and of course, some organisations will experience pockets of all three situations. Wherever the different companies are on the journey towards looking after their customers better, the view from our panel was that they were making progress: “I think most companies are heading in the right direction where customer service is involved”.


And this is the heart of the problem. Financial service brands that are focusing solely on the customer aren’t leading the way. They’re catching up. It says a great deal about the industry that so many brand positionings are built on doing what in many other markets would be considered a hygiene factor. Of course, our panel felt good customer service is absolutely critical. But can it give a financial services brand a competitive advantage?


We asked what it was about the companies they worked for that set them apart. What would make them recommend the brand ahead of a competitor? What would mean that if the brand ceased to exist, it would be missed?


The answers revealed a disappointing (if not entirely surprising) lack of pride in the companies they worked for:


“Other banks more or less offer the same or if not better services.”

“I don’t feel we have a significant impact on people’s lives”

“In short, no I don’t think in the long term it’d be missed”

“All FCA regulated firms have to adhere to ‘Treating customers fairly’ so if I’m given what the industry dictates as fair service then I don’t mind who my supplier is”

“Simple and short reply? No. They are just one of many offering service in this industry”

“All the same companies seem to be very customer focused at the moment. I don’t think we are any better or worse than other companies as they all seem to be singing from the same hymn page at the moment”


Yes, there was a degree of pride in the size of the companies (being market leader, or having millions of customers), but almost universally, our panel felt that their customers would be looked after equally well elsewhere. One exception was notable: an HSBC employee, who could see that her employer stood for something more distinctive that good customer service (an international perspective “that helps businesses to prosper and economies to thrive”). As a result, while everyone else felt that their brand wouldn’t be missed, this person felt hers stood for something unique.


This matters. Pride in a brand, amongst customers, is a nice-to-have. But amongst employees, it is essential. If the people talking to customers every day believe their brand is doing something important, different, and better than the competition, it will come across. If they believe their employer is much of a much-ness with the rest of the industry, customers will sense this too. Focus on customers will have lots of benefits, but it won’t change this.


In the financial services market there is only one agenda, and with very few exceptions, everyone is chasing it. Putting the customer at the heart of the brand is important. Bridging the disconnect between ordinary people and the companies who look after their money needs to happen.


But if a brand wants to set the agenda, it isn’t enough.


We would love to help you set the agenda in your market.

For a free Agenda Setting Idea™ session, please get in touch with Jess Gibb, Business Development on 07834 486954

or at