21 Jun 2016 BOQ RFI Lunch Insights
Director of Sales and Marketing at TAS, Rohan Morrison, attended the Bank of Queensland’s exclusive RFI Lunch, which brought together business leaders, experts and innovators from the financial services sector.
Chairing the event was BOQ Group Executive of Business, Brendan White. He discussed a number of key industry themes, from the rise of the customer, to matching the right people with the right roles, to playing up individual strengths and embracing digital disruption as an enabler.
Key insights from this thought-provoking and timely event are the following:
Customer relationships are paramount.
Financial institutions need to place customer relationships at the heart of business strategy. With the rise of the customer, fostering a customer-oriented culture is vital to business success. Companies need to provide a seamless customer experience, with quality sales and service assurance. Addressing specific customer needs, not pushing products, is the way forward. Engaging meaningfully with customers will create greater customer loyalty, drive business growth in the long-term.
Match the right people with the right roles.
To build a successful business, recruiting and training the right people for the right roles is fundamental. It’s important to get the balance right between engaged employees with the right “fit”, and organisational structure; particularly in face of digital disruption, with non-traditional players challenging the market. More than ever before, companies need to move away from outdated modes of thinking, driving behavioural and cultural transformation with the right people.
Play to your strengths.
In today’s hypercompetitive and constantly shifting climate, financial institutions need to play to their strengths. It’s not about size or scale, but quality—being the best at what you do. Customers are increasingly turning to up-to-date technologies and switching providers more easily, meaning companies must work harder to gain their trust. To stay ahead of the game, financial institutions need to carve out a reputation for trust, reliability and authenticity, all the while embracing new ways of thinking and innovative strategies.
In the face of digital disruption, companies need to adopt an innovative mindset and embrace new technologies. New technologies are a threat if not treated as an enabler. They can help financial institutions thrive and achieve a faster and higher reach in the market; especially when coupled with a customer-centric approach. With startups and non-traditional players shaking up the sector, it’s critical that companies carve out a distinct and cutting-edge profile, or risk being left behind.