The phrase to ‘jockey for position’ is commonly used to refer to manoeuvring or competing to gain an advantageous position. The allusion is to horse racing and the jockeys’ skilful manoeuvring and horse handling to gain a more favourable position may also transfer to the current ‘form’ in financial services.

Since the financial crisis a decade ago there was a consequential loss of trust in the incumbent players. Furthermore, there was general dissatisfaction with their levels of service and integrity, so much so, that both the PRA (Prudential Regulation Authority) and the FCA (Financial Conduct Authority) made the promotion of effective competition part of their objectives. Add to that the fact that five banks controlled 85% of the UK current account market and the sector was ripe for disruption. The consequence of the sectors recent past is that there are currently many more horses and jockeys in the race.

In my recent white paper, The Circle of Life, I explored the four forces of change that are impacting Banking and the wider Financial Services sector and that should be considered when developing risk mitigation strategies. This article looks in more detail at competition and how firms are responding to increased competition in the sector, both from their own kind (interspecific) and perhaps more challengingly from non-traditional businesses (intraspecific).

If you want to discuss any aspect of developing your strategy or the translation of the strategy into an effective and results orientated change programme then please get in touch with me.