Acquiring new clients for financial and professional services firms can be extremely costly. The fragmented and dissipated nature of their marketplaces may make targeted business development programmes seem an unobtainable goal - a challenge often exacerbated by poorly differentiated brands and service propositions.
The challenge of ensuring clients are clear as to what they are getting, what it is costing them and why they should value it is increasingly difficult when they are being bombarded from all directions in an increasingly digital (and mobile) world that makes brand coherence and consistency of message delivery a real challenge.
For FCA-regulated firms particularly, the need to make sure they are visibly “putting the customer and the integrity of markets at the heart of their business models and strategies” is high on management agendas as is the need to take heed of “governance around the design and innovation of products and services; and ensuring they are transparent in their dealings with consumers*”.
*FCA Risk Outlook 2013