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“Partially. If you look at the success of new entrants, they haven’t really changed the fundamentals of banking. What they have changed is the customer experience and they’ve made it feel personal.
“It’s very much the case that fintechs have pushed things forward and brought new features out at a phenomenal rate. They actively listen to their customers, they have built communities and a deep connection with consumers and businesses. Their brand and tone of voice was different and refreshing in a market that hadn’t seen much innovation.
“Take the introduction of pausing your bank card in an app, for example. That was technically possible for many years. But it took these new firms having it by default to push all the incumbents who have, slowly, followed suit.
“What we’re witnessing is another evolution where these banks are encroaching on the territory of traditional big banks. The narrative around whether they will succeed has fallen away. They are no longer the ‘challengers’, they are now mainstream banks with millions of customers. Oh and they’re profitable too. Fast forward 10 years and I think UK banking will look different. While the fundamentals of banking remain constant regardless of the institution. The key differentiator is how well these fundamentals are executed, particularly in building and retaining customer trust.”
“From a ClearBank point of view, we’re a business-to-business firm, that affects the way we communicate. We are providing the infrastructure and access to payment rails, bank accounts and, so naturally, it is a little different.
“When you look at what we offer, holding and moving money is not a USP. But our technology platform, the quality and uptime of what we deliver and the way we approach client service can be. But we can also learn from B2C firms because we are challenging the status quo, being the first new clearing bank in the UJK for over 250 years.
“At the same time, it’s also not all about us. It’s about what we support our clients to do and what that means for their customers. Whether it’s the way we support our customers through their growth journey, including some of the industry’s biggest success stories, through to firms still on their FCA approval journey and credit unions that play a critical role in delivering services to people who have been underserved, or not served, by incumbents. Those are the stories we feel resonate the most because they’re authentic and important.”
“Data is great, but sometimes a set of numbers can be pretty meaningless. I’d argue we’ve seen so many firms lean into that type of data that you end up with numerous surveys of questionable quality that offer no meaningful insights. To misquote Vic Reeves: ‘89% of statistics are made up on the spot’.
“We have a lot of data, but we’ve been mindful about whether we use it and, if so, how. Rather than ‘we have a notion, can we find a stat to support it?’ So, for example, when SVB failed, we saw an influx of business and we used that to discuss what it meant for us, the industry and to reiterate why we’re different.
“We also have a different story to tell, and to a slightly different audience that we need to make it real. It’s the personal examples that I think have really resonated with our audiences where we show the real impact of what we do. For example, our work with PayPoint and many credit unions that are taking what are – in the grand scheme – basic services of providing an account and the ability to make and receive payments but making a real difference to tens of thousands of people. It’s helping them to receive benefits in a timely manner so they can pay utility bills or pay for school meals. So it’s less about the mechanics of payments and much more about the financial inclusion aspect that has been important to us.”
“I think a lot of it goes back to the core, fundamental principles of marketing and communications, and the need to champion authenticity. I believe that if you had someone who’s authentic, that’s known in that community, whether that’s a celebrity or a sports star endorsing your product, it can help. But the tide has turned in terms of how regulators are approaching influencer-led marketing, so looking at how things are labelled and presented to customers, but also in making sure that businesses are working with the right people.”
“For me, the best agencies I’ve ever worked with always felt like an extension of the business. Just having a transactional relationship doesn’t work. The best agencies are the ones that are willing to collaborate on ideas, brainstorm together and also challenge us to think differently.
“You have the relationship that’s strong enough that they’re comfortable feeding back on content they may not have been involved in and ask ‘Are you sure about that? It doesn’t feel very like you’. And doing so knowing we’ll be receptive to it. That, to me, has always been the best way to do it. The most successful agency and client relationships are the ones that can have open, honest and frank conversations. Because ultimately, you’re both striving for the same thing.”
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