For immediate release Contact: Marcus Osborne
29th April 2009 FusionBrand
FAST GROWING STRATEGIC BRAND CONSULTANCY EXPANDS AGAIN TO MEET NEEDS OF FINANCIAL SECTOR
KUALA LUMPUR – After exhaustive qualitative and quantitative research, FusionBrand, Asia’s leading data-driven brand consultancy has identified a significant disconnect between the offerings of Malaysian banks and financial institutions and the evolving requirements for value of customers. As Bank Negara implements the last phase of the 10 year financial sector masterplan, this disconnect will impact significantly on the ability of local banks and financial institutions to compete with international competitors. In view of this, FusionBrand is creating a specialized department to work with banks and financial institutions to build profitable & sustainable brands using data driven brand strategies.
In the recent study of 1,000 Malaysians, 65% of respondents stated that they rely on financial advice from family and friends rather than relying on financial service institutions. Over 50% of respondents also stated that they are stopped from saving or investing money because of lack of good advice, lack of products they can understand, and lack of trust.
“Communication strategies using cluttered channels of media that promote products crammed with technical jargon to consumers already struggling in troubled economic times are not going to help the financial services industry compete in an increasingly liberalized space.” says Marcus Osborne, managing director of FusionBrand. “Our financial services industry needs to focus more on developing relationships with consumers and engaging those consumers with content that resonates with them and builds trust. This must be supported by a shift in mentality that moves the focus away from one of acquisition to one of retention and be backed up by excellence in customer service.”
FusionBrand predicts that the next round of liberalization will bring with it a wave of innovation that will put the customers requirements for value at the heart of financial sector brand development. Local banks and financial institutions that do not embrace these developments will struggle to survive. Responding to this impending demand, FusionBrand has set up a new team with specialized expertise from the financial services industry.
“In these challenging and increasingly competitive times, leading Malaysian financial institutions cannot be satisfied with creative driven one-size-fits-all branding solutions that concentrate on advertisements and expensive image building rather than development of true customer focused propositions that include needs based advice services, staff trained in relationship building and products that deliver recognised value to customers.” says Marcus. “Financial institutions demand partners with specialized marketing expertise to help connect and engage with new prospects and existing customers more profitably. With our extensive international experience in developing customer focused institutions we provide the skills, knowledge and experience banks and other financial institutions are looking for.”