In this age of austerity, most consumers find it difficult to resist a competitor offering something similar at half the price.
But it’s not a race to the bottom, and companies such as Apple and Virgin have engendered customer loyalty despite charging considerably more than their rivals.
These brands have built reputations over decades of consistently brilliant service. To follow suit, efforts should focus on making customers’ lives easier.
Digital is certainly shaking things up - the financial services industry must embrace it by creating genuinely useful products and services, across multiple customer touchpoints. “Deliver what you say you will, when you say you will” and, when customers do want to talk, let them engage with a human and not an automated system.