No Small Change

A 13-point manifesto for a new financial services marketing model

Anthony Thomson knows a thing or two about new and disruptive financial services, having co-founded and chaired first the ground-breaking Metro Bank and then the purely digital, app-based Atom Bank.  And as a financial services marketing specialist for over 30 years, Lucian Camp has helped develop more new and innovative financial services propositions than anyone.

Now theyve put their heads together to writeNo Small Change,a passionate, opinionated and practical manifesto arguing that the fast-changing financial services world urgently needs to rethink the whole of its approach to marketing.

Most of all, they propose that an increasingly digital, fintech-driven industry needs not justmore marketing, but alsobetter marketing to make sure its successfully identifying consumers real needs, and finding powerful and successful ways to engage with them.

After detailing the forces of change that demand a new approach, the book then examines in 13 chapters what the key components of that new approach should look like.  It takes a broad and multi-faceted perspective, exploring areas as diverse as the crisis of consumer trust, the ever-growing power of Big Data, the importance of leadership and corporate culture and the rapid advance in thinking based on Behavioural Economics.

In developing these themes, the authors dont pull their punches.  The book is fiercely critical of some of the industrys long-established marketing habits, providing compelling reasons why its time to abandon the practices that have given it a bad name.

Marketers will applaud, but the book is also intended for a broader audience.  Thomson and Camp challenge senior management in financial firms to appreciate the real value that marketers can bring to shaping the business agenda at the highest level, and not just to label marketing with that tired old phrase the colouring-in department.

Rich in anecdotes, comments from leading industry figures, personal experiences on the part of both authors and findings from original research,No Small Changeis an entertaining and rewarding read and, at this point in the development of financial services, a timely and important one.

LUCIAN CAMP is an independent financial services branding, marketing and communications consultant. During his career, he was founder, creative director and chairman of Tangible, the UK's leading specialist in financial services branding and communications. He regularly writes, speaks and blogs on financial services brand, marketing and communications issues.

ANTHONY THOMSON founded and chaired Atom bank, co-founded and chaired the Financial Services Forum, co-founded and chaired Metro Bank and is a non-executive director of the software company Agiliti. He has been included in Marketing Magazine's list of the top 100 most powerful and influential people and named by the Evening Standard as one of the most influential Londoners in the City.

Preface ix

Acknowledgments xi

About the Authors xiii

CHAPTER 1 About This Book 1

CHAPTER 2 What Is Marketing, And Why Does It Matter? 8

CHAPTER 3 From Best Advice to Satisficing 20

CHAPTER 4 Why Not Then? And Why Now? 26

CHAPTER 5 Retail Financial Services How? 39

CHAPTER 6 Real People, Real Lives 63

CHAPTER 7 Cutting in the Middle Man 74

CHAPTER 8 Introducing the New Financial Services Marketing 88

CHAPTER 9 How Does Your Firm Define Its Purpose? 98

CHAPTER 10 Does Your Firm Have a Strong and Distinctive Culture? 115

CHAPTER 11 How Much Is Big Data Changing Your Business? 126

CHAPTER 12 Do You Get the Power of Behavioural Economics? 140

CHAPTER 13 Are You Really Any Good at Innovation? 156

CHAPTER 14 Are You Absolutely Sure About Restoring Trust? 173

CHAPTER 15 Whatever It Is, Can You Make It Simpler? 190

CHAPTER 16 Are You Just a Little Bit Boring? 205

CHAPTER 17 Call That a Brand? 216

CHAPTER 18 Yes, But Can You Prove Its Working? 234

CHAPTER 19 Must Planning Your Comms Be So Horribly Complicated? 245

CHAPTER 20 How Far Can You See Beyond Financial Services? 265

Appendix: Winning Entries from the Financial Services Forum Marketing Effectiveness Awards 274

Further Reading 291

Index 293