Bankers that fall into the ‘we’re-all-the-same’ trap are setting themselves up for failure, since it is possible for financial institutions to differentiate themselves.
I heard a comment at a recent conference that I have heard too many times before: “We banks are all alike. We only compete on price.” If that attitude permeates your company or any of your lines-of-business, you are likely positioning yourself with an undifferentiated marketing approach that can only result in poor returns. We also hear from another set of bankers who claim they have created differentiated approaches when, in fact, they are deluding themselves. They too will generate subpar returns in what has become a slow growth and hypercompetitive market.
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