When are financial services not in the news? Recent findings by The New City Agenda thinktank suggest the cost to UK banks of misconduct is £53 billion. In addition, there are more job cuts in the offing. Barclays has also warned that the profits from its investment arm will not be as high as previously. For many banking professionals, the future is looking uncertain.
Are Financial Services Changing?
Many of the big banks are scaling back their operations, including consolidating their staffing levels. At the same time the banks are continuing to face a barrage of criticism, which means working in this sector is increasingly pressurised, more so than it is anyway.
However, Martin Byrne, Managing Director of Business Protect offers an alternative perspective. “In business things change. Old structures become cumbersome and require a re-think”, he remarks. “When the banks scale back their services they actually provide opportunities from other sources”.
Martin’s business model is based around the offer of a niche set of services. These focus on protection for businesses in the form of life and other insurance cover.
“We provide a flexible response to the needs of our customers, and to the pressures of the industry in which we thrive”, Martin explains. “I think we’re a good example of how opportunities in the financial sector can be far wider than people think”.
Boost the Boutique
“There is always going to be a customer base for a wide range of financial services”, Martin says. “What is changing is how the demands of these customers are being met. The big banks scaling back allows for the growth of more niche offerings”.
This is a growth of a boutique financial culture, away from the big, one-size-fits-all style of the large banks. This provides opportunities for both customers and financial professionals alike.
“If you were in banking and you’re no longer there, it doesn’t mean your career is over”, Martin concludes. “People’s expectations around financial services are changing, and as the banks change, so how people expect to receive certain products and services will change. This represents a massive opportunity for smaller, niche operators, like Business Protect in fact”.
The UK has been very reliant on financial services as a key component in economic growth. This sector is set to become a whole lot more diverse and dynamic as boutique culture grows.
If you would like to find out about Business Protect’s career opportunities, please call them on 0161 9562470 or visit their website.