Breaking away from the past

How retail banks across EMEA are responding to shifting consumer behaviour through innovation and the search for talent About Spencer Stuart

Spencer Stuart is one of the world’s leading executive search consulting firms. Privately held since 1956, Spencer Stuart applies its extensive knowledge of industries, functions and talent to advise select clients — ranging from major multi- nationals to emerging companies to nonprofit organisations — and address their leadership requirements. Through 53 offices in 29 countries and a broad range of practice groups, Spencer Stuart consultants focus on senior-level executive search, board director appointments, succession planning and in-depth senior executive management assessments. Breaking away from the past

How retail banks across EMEA are responding to shifting consumer behaviour through innovation and the search for talent

The world of retail banking is in a state of shifting consumer preferences and behav- flux. On the one hand, it finds itself centre iour. Quite apart from following the example stage. In the wake of the financial crisis and of the Red Queen in Lewis Carroll’s Through the continuing fall-out around the future of The Looking Glass and running hard to stay investment banking, retail banking looks in the same place, senior bankers are finding to hold the best potential for profits in the that the need for a renewed sharp focus on medium term. But it is also engulfed in a their customers has far-reaching implications wave of technological change in response to for their own hiring and strategic direction.

“Consumer behaviour, technology, the financial services market, the regulatory environment are all changing at a dramatic pace. The challenge for all organisations is how do they build an organisational design and culture that allows them to move at the same kind of pace? Google’s view is that this is best served by placing digital at the heart of the business.” Ian Morgan, Head of Financial Services, Google

1 Breaking away from the past

Addressing changes in consumer behaviour

Across the EMEA region, retail banks customers, so retention and anti-attrition are facing consumers who have lost their measures are critical,” he says. “Loyalty trust in the banking sector. “For today’s needs to be rewarded; we need to demon- customer a major feature would be the strate value to the customer even before deterioration in their view of banks and they expect it.” banking and the deterioration of trust between the customer and the bank,” says The challenges facing banks differ sub- Alison Brittain, Group Director, Retail stantially between the UK, the rest of Business, Lloyds Banking Group. That Europe and the Middle East region. Ashok same customer has been empowered by Vaswani, CEO, UK Retail and Business, fast-moving technological innovation, is Barclays plc says: “I think that Europe is at comfortable with the use of the internet, a very different place from the Middle East. smartphones and tablets, and is making In Europe, the big issue/statistic is really it clear that loyalty is now negotiable. “In around the changing demographics, while all key markets (Italy, Germany, Austria) the fastest growing segment in the UK is banks are measuring lower customer trust the 60+ age group. Therefore the types of and higher attrition rates, with the majority products are very different from customer of customers leaving for new entrants in needs in the Middle East region, which is a the market — mostly direct banks,” says completely different kind of dynamic.” another senior banker. Martin Spurling, CEO of HSBC in Turkey, Rajal Vaidya, Consumer Banking Director, contrasts the situation in Western Europe Barclays Africa, emphasises the impor- — a mature customer base and highly tance of addressing the loyalty issue. “Get- penetrated market with negative public ting new customers and not retaining them perception of banking — with Turkey, is probably worse than not getting new where the demographics, public perception and growth opportunities are very differ- ent. “The customer base is far younger and growing rapidly, so there is business for everyone,” he says. “We only have 48 banks in Turkey, so while we do compete there’s “Everything Nedbank does is about the enough to keep every bank going and you customer. This affects the type of talent we are not fighting over the same customer’s last dollar or lira. We estimate the banking bring in — we want people from customer- industry will add 5.4 million new custom- centric organisations.” ers over the next five years. The market also understands the valuable role banks Ciko Thomas, Managing Executive, play in society and the economy, the bank- Consumer Banking, Nedbank Retail ing regulations are already very strong, and

2 the banking sector overall is in good health, European countries customers have been so it is easier to operate constructively and more satisfied with their own bank than positively in this environment.” with the industry in general, this has now taken a hit. Pure price competition on Spurling believes that higher customer current accounts is not always proving demands and pressure on the percep- successful. One person commented that al- tion of banks will come to Turkey and is though the internet has had a profound im- positioning the bank to learn from the pact, “our strategy is that the human touch European experience, while sticking closely is key for satisfaction and loyalty, and all to its principles and values. “In every high opportunities to have customers meet with growth market you see players who say, ‘I advisers are exploited, even if not profitable can just sell this, just keep selling it and in themselves.” make money for today’. At HSBC we want customers to come back to us, happy with Customers are more sophisticated and what we sold them five years ago. We want more cost-conscious than ever and have to be having a mutually profitable relation- lost confidence in the banking industry, ship with that customer in five years and says one senior European banker: “We not just this year. This drives our behav- are actively working to restore the trust iours and results, sometimes down a dif- of our client base, investing in the service ferent route from our competitors, but on a model. We have redefined the layout of our journey we know from experience globally branches and are investing not just in staff is ultimately the right route to sustainable training and skills development, but also in profit.” financial education directed at customers.”

Most banks in the region’s more mature In South Africa, banks have been forced to markets are trying to manage the custom- make it easier for customers to switch ac- er’s loyalty while accepting that he or she is counts. In the wake of reputational damage unlikely to be attached to one bank alone. to the sector, says Peter Schlebusch, CEO, While acceptance of the need to cross-sell Personal and Business Banking, Standard and tailor product offerings to the consum- Bank of South Africa, banks need to work er pre-dates the 2008 financial crisis, there harder to convince customers that they are is a renewed emphasis on the need to offer multi-channel banking.

Non-traditional banks need to be innova- tors in the market, becoming much more entrepreneurial about how they develop “We have to continue to innovate to customer-oriented organisations. Seeing financial advisors as innovative entrepre- stay in step and just ahead of changing neurs, one banker says returns come “only consumer lifestyles.” if business models are well designed and execution is outstanding.” While in many Bobby Malabie, ABSA

3 Breaking away from the past

receiving the right products. “Today, banks “offbeat” customer service. Its slogan demon- have to deal with much smaller margins, so strates exactly where it is coming from: “Love one of the primary ways to improve prof- your bank at last.” itability is by reducing cost. You do this by introducing new channels of communication New entrants to the market capture the with the customer and driving basic transac- imagination of consumers — in Metro tions onto mobile and PC platforms, ena- Bank’s case with big glass cubes in branches bling branches to perform the more value- decorated with a giant red ‘M’ and the ability added services.” to open accounts and issue debit and credit cards in just 15 minutes. The pressure is on The approach to the challenges of multi- in an industry sector that, according to some channel banking will of course vary depend- commentators, has combined complacency ing on whether the retail bank is a niche or with a lack of innovation. a major player. But in the end it is all about gaining market share — and newcomer Competitors are looking for ways to serve Metro Bank, launched in July 2010 by US their customers better and offer more entrepreneur Vernon Hill with just $200m added-value services, while opening up in seed capital, has gone about it by estab- potentially new sources of revenue. To do so lishing a dozen branches in greater London, reliably and productively there is an acute expecting to open eight more by the end of need for data analytics. As Mr Vaswani puts 2012. it: “For analytics we are encouraged to look outside of financial services to bring a differ- A recent article published by Fortune ent perspective.” described Metro Bank as being “all about building a great retail brand that happens to be a bank”, complete with quick and slightly

“Customers are much more sophisticated today, younger and sharper. They do not take the bank’s word, they question it. Banks just do not have the credibility that they once boasted.” Mark Williams, former CEO, UBank

4 Technology, CRM and the search for talent

Across the retail banking sector, the impor- She comes from a background outside tance of the interaction between the individ- financial services, having been Commercial ual and technology on both the bank front Strategy Director for Diageo and SVP of and the customer front is leading to fresh global brand management for InterConti- thinking about the pool of talent necessary nental Hotels. for the task ahead. There is increasing demand for people with an understanding Ms Bibby believes that at the moment it is of digital technology and the ability to apply “probably not hard” to attract people from that knowledge in the context of a regulated outside financial services to the sector, industry. Finding digital experts with the because the consumer challenges to be ad- authority and credibility to make a lasting dressed are so interesting. In terms of where positive impact will be one of the challenges to look, she says: “Some industries are attrac- for banks over the next couple of years. tive because of the experience people develop and it’s not such a huge leap from sectors In the UK, varying interpretations of the reg- such as utilities and mobile phones.” ulations laid down by the Financial Services Authority (FSA) is dictating different levels It is worth noting that the use of mobile of willingness to look outside the financial phones for consumer banking, a trend which services sector for talent when it comes to is just taking off in the UK and EMEA with the risk function. But the net is being thrown many new entrants into the market, was pi- much wider when it comes to CRM. “It has oneered in Kenya, where the M-Pesa service been very difficult to find individuals with managed by the Kenyan mobile operation both social media and financial services expe- Safaricom has already been adopted by 80 rience,” says Nina Bibby, CMO Barclaycard. per cent of the population. Mobile banking continues to be a game changer in Africa, She is herself a good example of the new just as the ATM was before it. look among the faces in the sector as it grapples with change. As CMO of Barclay- card, she says (on its website) that she has “a dynamic team whom I lead in generating insights into our customer needs so that we can develop new products, channels and services to meet these needs — my role is a blend of creativity, analysis and champion- “Banks need to translate customer insight ship of our core customer-facing assets.” into action via the use of technology.” Ciko Thomas, Managing Executive, Consumer Banking, Nedbank Retail

5 Breaking away from the past

According to Juniper Research, an IT consul- The need for excellent risk analytics and tancy, the global mobile commerce market is cutting-edge technology experience is taking expected to reach $670bn by 2015. Keeping searches into a global talent pool. “These are pace with the way consumers want to buy global skills that can be migrated. Therefore, and pay for their goods is a major challenge you go to the pockets where you know you for banks, says one senior financial services have a lot of these people ... but while we executive. “The lines between the web and may look outside financial services for analyt- the physical world are blurring and mobile ics, technology and marketing we also need and e-commerce are becoming one and the to show the FSA that we have a nice mix (of same — just commerce. Banks have to stay backgrounds) and that there are more people nimble and innovative and this requires a with exposure to financial services than particular set of skills.” those without. So we have taken quite a clear stance on that,” says Mr Vaswani. Passing muster with the FSA over senior appointments from outside the financial ser- vices sector remains a very real concern, and it is not one restricted to appointments in the risk function. Almost all the senior execu- tives we interviewed spoke of balancing the need for fresh thinking and innovation by hiring from outside the sector with appoint- ments that will satisfy the regulator’s require- ment for financial services experience.

“The growth in mobile phone banking in Africa has been enormous — we have seen a six-fold increase in mobile customers in the past few years.” Peter Schlebusch, Standard Bank of South Africa

6 Innovation and the digital challenge

“Banks are not necessarily known as places teams a lot of banks are now looking beyond of innovation,” remarks one senior executive. financial services experience. I think it’s a “Given the nature of our business, we are good move on their part because typically if expected to be safe and secure rather than ex- you’re running an internet bank your com- perimental and taking risks with depositors’ petition is not so much other internet banks, money.” Nevertheless, there is a great deal of it’s best practice internet sites, regardless innovation in the banking sector today and of what industry sector they operate in. The the pace of it seems to be accelerating. most proficient online sites tend to be in retail or travel and so it is advantageous to Innovation is something financial services import skills/experience from these sectors.” companies have not always handled well in terms of its ‘career path’ in the industry. Ms But he also cautions on the need for in- Bibby says: “We probably did not pay enough novation not to be siloed. “The culture of attention to innovation professionally in the innovation should be baked into the DNA of past but have really changed … as we real- every single Google employee — ideas can ised we need to manage this proactively and come from everywhere. It’s about creating a diligently and need to embed it much more culture and structure that encourages people into the business.” In financial services, she to be creative, think outside the box and take says, innovation has tended to be technology- controlled risks.” or supply-led, whereas now it needs to be a consumer-led function. Bobby Malabie, CEO, Retail & Business Bank, ABSA Bank believes that fostering an Looking for talent for the right stage of innovation culture involves a delicate bal- innovation is essential, as early stages ance. “You have to be careful – if you put in may require people with conceptual skills, too many structures you kill the innovative whereas a later stage or what she calls “plot spirit. Openness is a key factor: people have innovation” may call for specific skills in an to feel they can come up with ideas and that area such as mobile telephony. there is a willingness to take their ideas

Demand for digital skills in retail banking is only set to grow, and there is already “a dearth of expertise in the digital field,” according to Ian Morgan, Head of Financial “We have to invent every day. In the extremely Services Google UK. Google’s answer is to grow its own expertise through graduate challenging current environment we need recruitment and training, and through the sponsorship of programmes such as Squared to do things differently. Technology and (in partnership with Hyper Island and the innovation are key.” IPA). Mr Morgan says: “It’s interesting that when they’re recruiting into their digital François Miqueu, La Caixa

7 Breaking away from the past

on board. You need a structured innovation requires a lot of discipline and energy, but process because that will make more re- we have discovered that by importing these sources available, but you also have to drive methods into banking you can get the same the culture.” results that are achieved in Silicon Valley. The two top-ranking banking apps were cre- For Shaygan Kheradpir, Chief Operating ated in this way by teams at Barclays.” Officer, Barclays Global Retail Bank, inno- vation needs to come from the core of the As Kheradpir points out, for this approach to business. “It is not a side show, it is the main work, leaders have to have a strong focus on show. Our innovation agenda addresses the product development, abandon the com- things that matter in our customers’ lives. mand and control management style, and ‘Life made much easier’ is our phrase, and get used to running groups of people who it’s about much more than mobile banking. work horizontally around an idea. Innovation is about new ways of looking at things, taking a 360-degree view of all the Ana Bolado, Head of Strategy and Business key stakeholders and addressing anything Development, Retail Banking Spain at Banco from customer service and complaints to Santander, says that creating and transmit- operational excellence, structural costs and ting a culture of innovation can prove diffi- citizenship. In the end, it’s all about the cult if results do not come quickly. “We look product. If you don’t have the product, you for action-orientated individuals with a lot of are unlikely to win. So leaders have to get the common sense and a long-term vision, but importance of product, they have to be doers who are also able to roll up their sleeves and and attract doer types.” deliver almost immediate results in order to convince others that it is worthwhile to invest Barclays has undergone a radical, eighteen- in innovation and new ways of doing things.” month transformation to its culture of inno- vation that owes much of its success to what Each retail banking institution has to develop Kheradpir describes as “the Silicon Valley its own culture of innovation, but at sen- model”, which relies on intensive cross- ior levels there are some good examples of departmental collaboration. “We start off in banks that have recently taken a leap forward small teams to ‘crack the code’, then those in that direction. teams come back later to operationalise the project. We used this process for Pingit [Bar- Josh Silverman is a 43-year-old technology clays’ new mobile payment solution], gather- entrepreneur whose life was focused around ing together software, hardware, anti-money Silicon Valley start-ups. Ex-CEO of Skype and laundering, compliance and operations a former senior executive at eBay, he became people at the same table. We don’t compro- President of American Express’s US Con- mise and have a rapid-fire development cycle sumer Services Business in 2011. The impor- with quality and innovation in mind. We tance of having a digital presence for those learn during each cycle. It’s tough work and operating in retail banking is hitting home,

8 but not uniformly: while most senior execu- from the traditional businesses to the newer tives interviewed by Spencer Stuart talked of offerings such as Google with Google Wallet, “the need to invest in digital”, there appears or Metro Bank. Addressing the need for in- to be little cohesion in their approach. In all novation may be easier in some ways for the the haste, mistakes have been made, such as new entrants as they do not have the burden a new entrant going online and then discov- of legacy, although they still face the same ering that its website could not be accessed challenges in engaging the consumer. by an iPad. In Turkey, where the market is expanding “Innovation is the name of the game,” says fast among young people, the quality of the Fernando Sousa, General Manager, Deutsche customer experience is especially important, Bank PBC (Personal & Business Clients), says Martin Spurling. “Not only through al- particularly in a difficult economic climate ternative delivery channels but also the phys- with restrictions on growth. MasterCard ical experience people have in the branches. already has an Chief Innovation Officer in So all the banks have been innovating their Garry Lyons, who is also head of Master- branches to accommodate their customers Card Labs. He is responsible for developing more comfortably.” and leading initiatives to foster innovation throughout the business, as well as run the Metro Bank’s Commercial Director, Paul R&D arm on innovative payment solutions. Marriott-Clarke, says: “When customers walk into our stores we try and do everything for Specific roles with innovation in the job title them; we don’t sell to them, so we hire peo- are not the only way in which retail banks are ple who are good at service. We have also put seeking to refresh their senior talent pool. a lot of investment into our IT. Our customer There is also a move towards cross- base is doubling or tripling every year so functional expertise, although this brings its we need to invest in IT and platforms need own challenges. to continually grow to support that invest- ment.” Although he says Metro Bank finds it As Tony Prestedge, COO Nationwide says: “very easy” to attract new talent, the chal- “We are finding it really difficult to find- peo lenge is “more around filtering individuals ple who can blend marketing competence in who will be successful in an entrepreneurial terms of data management with the product start-up bank”, since there are simply not understanding of risk management ... we are that many such people around as yet. finding that we are needing to blend skills as never before, as well as having to learn to live on significantly lower margins.”

The need to think creatively about blended skills, combined with pressure on margins, is affecting all aspects of retail banking,

9 Breaking away from the past

Hiring talent from outside banking

The candidate pools for the roles that now At Moneyvista, an online financial planning seem to be at the forefront of demand in service, CEO Jerry Toher is impressed by retail banking are far from obvious and MasterCard’s initiative to adopt a Chief Inno- certainly not clearly demarcated. CEOs vation Officer, saying it shows “an impressive commonly cite talent deficiencies in areas amount of commitment.” For its own needs, such as CRM, Marketing, Distribution and he says that Moneyvista is looking outside Sales. Many companies, such as Standard financial services in the “broader services Bank of South Africa, actively look outside sector, the online subscription-type models the banking sector for talent. “Such people where we can learn from, the mobile sector often bring in new and exciting ideas and and hotels/leisure which can be useful in therefore add value in a different way,” says terms of retail experience,” says Mr Toher. Peter Schlebusch. Having a strong brand in retail banking is Shaygan Kheradpir says that Barclays have still likely to make it easier to attract candi- brought in people from outside traditional dates. But even HSBC, which Joe Garner, banking who have gone through innovation Head of UK Bank and Deputy Chief Execu- transformation in their own industries, such tive, HSBC Bank plc, describes as a brand as technology, telecoms and media. “People that “continues to have a strong pull for key learn very quickly. With the consumerisation talent despite the negatives of the economy” of technology, the core issues are the same, is also facing the fact that, as he puts it, “fi- even if the product is different.” He also nancial services has become a harder place to sought out a “coalition of the willing” from join partly because of reputational issues and inside the organisation who were willing partly because of genuine regulatory hurdles to work in a new way: “The trouble is, you moving into the sector.” cannot find them on the org chart. We looked for people whose eyes lit up when we talked HSBC has already recruited extensively into about our approach to innovation, people who the digital area across industry and he adds: were willing to take a risk and give it a try.” “When I think of our marketing community in the UK, there are surprisingly few people who have come through a financial services background.” Instead, they have come from retail, consumer goods, telco and digital. “I think that any part of the organisation is “The competition for talent, like the better for having a blend of people who have come through the company from the very competition for customers, has become beginning, those who come through dif- intense.” ferent parts of the industry and those from

10 different industries — I believe that this is corporating talent from outside the industry: a benefit in all areas of business,” says Mr “It is possible when business is stable, but in Garner. my experience it is very difficult for people outside the industry to succeed in times like Senior executives throughout the retail the ones we are currently facing.” banking sector echo the need for a greater blending of skills, although they also agree that at the very top, there are few signs of change due in part to regulation. Paul Mar- riott-Clarke says: “I’m waiting for the first person to be recruited back into the role they left two years ago … it won’t be long until they have gone full circle and come back.”

In this situation, rapid turnover at top levels centralises decision making and paralyses the rest of the business, just as it needs to make changes. For Metro Bank, this has made it easier to attract new talent on the retail side among those who have “found themselves stuck in a locked-down envi- ronment with little opportunity,” says Mr Marriott-Clarke.

François Miqueu, Head of Consumer Finance at La Caixa in Spain, does not see particular issues in attracting talent provid- ing the project itself is attractive. “We are looking for people who are able to manage a business in a very complex environment, professionals humble enough to recognize that they are operating in a new paradigm.

They have to learn that historical references are no longer valid, so they need to be flex- ible, adaptable, emotionally intelligent and not too aggressive.” He is sceptical about in-

11 Breaking away from the past

Change brings rewards

While the traditional retail banks face the payments and worldwide money remittances threat of competition from direct banks and are also areas of business being explored by new digital offerings that encroach on their newcomers with a thirst for innovation. space, there is still plenty of opportunity within the sector. According to the consultancy firm Amid all the running to stay in one place, McKinsey, basic retail banking accounts for it seems clear that change and innovation more than half banks’ worldwide annual reve- are the key to growth in retail banking. Even nue, which in 2010 amounted to $3.4 trillion. those organisations that have proven adept at refreshing their strategy recognise that the Technological innovation continues to pro- substantial nature of the challenges facing duce new opportunities for retail banks, but the retail banking sector now demand a con- it also produces new threats every day. The stant injection of new thinking. analysis of big data by banks, which allows them to provide a bespoke service to custom- Against a battered backdrop of reputational ers based on their history, is also being used damage, cost-cutting and economic austerity, by an increasing number of start-ups to serve the challenge will lie in attracting the best niche customers more effectively — those and broadest talent to take retail banking with poor credit histories, for example. Digital through the next stage of its evolution.

Acknowledgements Spencer Stuart is grateful for the following retail banking executives who generously agreed to be interviewed for the purposes of this report:

>> Nina Bibby, CMO, Barclaycard >> Shaygan Kheradpir, Chief Operating >> Peter Schlebusch, Chief Executive, Person- >> Ana Bolado, Head of Strategy and Busi- Officer, Barclays Global Retail Bank al & Business Banking, Standard Bank ness Development, Retail Banking Spain, >> Bobby Malabie, CEO, Retail & Business >> Fernando Sousa Brasa, General Manager, Banco Santander Bank, ABSA Bank Deutsche Bank PBC >> Alison Brittain, Group Director, Retail >> Paul Marriott-Clarke, Commercial >> Martin Spurling, CEO, HSBC Turkey Business, Lloyds Banking Group Director, Metro Bank >> Ciko Thomas, Managing Executive, Con- >> Alessandro Decio, Head of Family & SME, >> Francois Miqueu, Head of Consumer sumer Banking: Nedbank Retail, Nedbank Unicredit Finance, La Caixa >> Jerry Toher, CEO, Moneyvista >> Şengül Demircan, HR Director, HSBC >> Ian Morgan, Head of Financial Services, >> Rajal Vaidya, Consumer Banking Director, Turkey Google UK Barclays Africa >> David Fisher, Former CEO, Sainsbury’s >> Giovanni Pirovana, General Manager, >> Ashok Vaswani, CEO UK RBB, Barclays Bank Mediolanum >> Peter Wharton-Hood, Deputy Chief >> Fabio Gallia, CEO, Banca Nazionale del >> Tony Prestedge, COO, Nationwide Executive, Standard Bank Group Lavoro >> Carl Scheible, EVP, Europe Africa and Emerg- >> Mark Williams, former Chief Executive, >> Joe Garner, Head of UK Bank, HSBC ing Channels, MoneyGram International UBank 12 worldwide offices

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