Following the spate of bank failures over the last couple of years, surviving institutions must brace themselves for a tough future, characterised by high competition and low customer confidence. How can a bank triumph over these pressures to sustain itself
in the long run? When products are becoming more commoditised by the day, where does a bank look for competitive advantage? Do current circumstances offer smaller banks an opportunity to challenge the incumbents?
I believe that an innovative management strategy is the answer to most of these questions. And by that I don’t mean that a bank must bring about a thought revolution, costing lots of money and posing plenty of risk. Incremental innovation can be just as
effective, given the right context. Sometimes, all it takes is a slightly new way of thinking to solve familiar problems: How can a bank understand its customers better? Is there a smarter way to improve efficiency other than cutting costs? What makes a loyalty
program truly meaningful?
This blog series will discuss these questions over the next few weeks, and also throw up some ideas about how every innovation or innovative idea, big or small, can be leveraged by a bank to strengthen its competitive position. Do watch this space and share
your thoughts with me.