A recent PUB (Belgian trade magazine) and InSites Consulting survey organised early April shows that the Belgians are rather satisfied about their bank. Since the start of the economic crisis in 2008 very few people have left their main bank. The four major banks (BNP Paribas Fortis, KBC, ING and Belfius) obtain an average score of just under 7 out of 10, the Internet banks and smaller banks obtain scores around 7.5 out of 10. However, it is striking that the general trust in banks is in bad shape. 61% of respondents say that their trust in the major banks has decreased drastically since 2008; one out of three says to have more trust in smaller and more specialised banks.
Of course, attending the closing ceremony of the Accenture Innovation Awards in Finance in the Brussels BOZAR yesterday evening, could not come without the usual hurdles/suspects: traffic jams, parking issues. But, eventually I made it to the event, and it was all worth it. Really! Accenture did not only succeed in bringing together over one hundred bankers and relevant stakeholders involved with innovation within the financial sector, the BOZAR was really set on fire during the engaging speech by Jamie Anderson (the ‘management’ guru) on individual creativity. Can you imagine, bankers in nice tailor-made suits throwing paper planes throughout the venue unraveling their most creative moments?
Accenture (with support of InSites Consulting and a variety of partners) organizes the second edition of the Accenture BeLux Innovation Awards for Financial services. In the background of a struggling financial industry, new innovative ideas are born. The Accenture Innovation Awards aim to gather and support creative financial services-related concepts (on the Belgian and Luxembourgish market). Discover the top 25 innovations in Financial Services and cast your vote!
At InSites Consulting we believe in the power of change, and the need to keep up with new market evolutions. So of course I jumped at the opportunity to attend a Vlerick Alumni workshop on the future of mobile banking & mobile payments in Belgium.
Motivated by the outlook of trendwatching in the financial sector, I exchanged a Belgian official holiday (Nov 1) for eFinancials, an Emerce congress that promised to bring together all major online and mobile innovations in the Dutch banking and insurance sector. And our neighbors did not let me down! Speeches of innovative start-ups like Knab, the first Dutch online bank and My Private CFO, the ‘family office’ service for private banking clients, demonstrated how entrepreneurship combined with smart web 2.0 and mobile applications are on the rise to close the gap between the consumers’ needs and what conventional banks have to offer.
In the (post) crisis era, challenging the status quo through innovation will be critical to restore profitability in the financial sector. The commoditisation of products within the industry is making it very difficult to compete on price. Moreover, a whole array of non-banking entities is entering the market to close the gap between the offerings of banks and the needs of customers. Suddenly, banks face competition from telcos, supermarkets, tech firms and innovative start-ups, all experienced in building online relationships and developing and marketing transparent products.
In recent years, organizations are faced with increasing online buzz around brands. It’s not surprising that messages in social media are described as increasingly influential. But what is the true impact of messages in social media on consumers and on organizations reputation? And how trustworthy do consumers find messages in social media? These questions formed the basis for ING to conduct a large scale research with InSites Consulting and Social Embassy on trustworthiness and impact of social media messaging under 1,500 respondents. Today we launch the results of the “Impact of social media 2012″ study (#SMING12).
The Dutch Accenture Innovation Awards, Amsterdam at the Congress centre RAI, November 2011. 5 sectors – consumers products & Agri, Health & Public services, Energy, Media Communication High tech and last but not least Finance – were challenged to come up with innovative projects. In total Accenture received more than 1200 projects! Let us take a look at Finance. For me an exciting universe even now in these stormy times where sector, resources, strategies and policies are questioned.
What is the link between youngsters, the number 3.105 and insurance?? An open invitation to participate, a cool mini-site (nestverlaters.be / je-quitte-mes-parents.be), a smart gamified questionnaire and a long term interaction strategy. This cocktail led to the activation of youngsters to share with DVV/Les AP (Belgian Insurance Company) their needs, their vision of life and their (in-) competence to concern about insurance products and services. DVV/Les AP dared to take the step, to start the conversation with Generation Y.
“Innovate in the name of sustainability”! This call by Contzen from the Luxembourg Bankers association can be considered the key message of the first Innovation for Financial Services Summit, 21-23 September 2011, Luxembourg. Banks and insurers need to start building sustainable relationships with consumers and open up to include the consumer’s voice in the open and collaborative innovation process. Even if this implies/requires one of the most disruptive cultural changes in the financial sector of the past decade: from reactive/ close to proactive and open.