By Ian Youngman
This is often the 1st complete expert consultant to the ideas and strategies of competitor research for the monetary companies undefined. It explains the way to arrange platforms and versions to spot and examine rivals and their items.
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Extra resources for Competitor analysis in financial services
G. that Big Bank is planning a takeover bid for the Bank he works for. Channels have to be set up for passing on such vital information. The solution may be for there to be a hot line to the chief executive for competitor information that is too secret to trust to the normal channels. Com panies may argue that their system should be kept to at all times, but in practice most firms leak information like a sieve. Key points • Companies are still very secretive • If the information is in the public domain it is folly to regard it as secret • Companies must decide on what is truly secret information • Sources of information should be protected • Some information may be so sensitive it can only go to top management 21 CHAPTER Who are your competitors?
1 Banks Banks now have so many different types o f business under their banner that the range o f products and services for consumers and businesses is vast. A good source o f information is the branch network. 2 Insurers Most insurers operate via intermediaries, although some operate di rectly with the public. In the U K there are semi-formal agreements about the exchange o f non-secretive information. The basic rule o f this is that any item generally available to intermediaries or customers is readily available to competitors.
47 COMPETITOR ANALYSIS IN FINANCIAL SERVICES Another good reason for working with competitors is that it can be useful in validating what you think you know about them. Sharing information is not the cardinal sin that many think it to be. Sadly, the banking and insurance world is by nature very secretive, often to the extent o f keeping information away from shareholders or customers, claiming, for example, that it is too technical and they would not understand it anyway. This secrecy breeds arrogance, and companies can end up believing their own publicity.