Practice Overview

The competitive landscape in financial services has never been more challenging than it is today. Financial market declines and the overall economic climate are forcing financial firms to be more efficient, more creative, more nimble, and just plain smarter. Companies that can rise to this imperative will achieve competitive advantage and meet the pressing demands of both customers and shareholders.

On a strategic level, global and regional consolidation enables financial services firms to achieve economies of scale and better serve an increasingly mobile, multinational clientele. On the more tactical front, firms need to cohesively manage multiple channels, while avoiding conflict and still making it eminently easy for the customer to find them, at any hour of the day and in whatever way they find most convenient. Financial services players also need to determine the best uses of the Internet, which has impacted the industry in several key areas: distribution, communication with customers and intermediaries, billing and payment systems, and product/service innovation. Other technology—CRM systems, ERP systems, and more—are also forcing players in the industry to make significant investments and, equally important, to justify those investments by showing their contribution to competitive advantage.

To anticipate what the future holds and to deal more effectively with the current competitive environment, financial services companies must look beyond themselves for insights and validation. They must identify potential roadblocks and opportunities as they craft a resilient strategy going forward. Fuld & Company’s Financial & Business Services Practice has provided clients with this needed insight and foresight since 1992. The group is led by Lenore Scanlon, Vice President, who, along with her highly-skilled staff of research analysts and project managers, bring years of relevant experience in the following industries:

The Financial & Business Services Practice works with clients to address a wide range of strategic and tactical intelligence needs. We provide competitor profiles, industry overviews, competitive newsletters, and in-depth benchmarking studies. Our research and analysis provide clients with timely insights and recommendations, supporting critical business decisions such as:

Reengineering/Process Improvement…identifying, benchmarking, and incorporating best practices of both traditional and non-traditional competitors

Strategic planning and decision-making…testing and validating assumptions prior to investing time and money

New product introductions/market entry strategies…assessing the competitive landscape, identifying unmet client needs, analyzing distribution strategies, and recommending effective product positioning.

M&A activity…developing effective filters and screening acquisition candidates; providing insights into management capabilities, company culture, strategic alliances and joint ventures, key client and supplier relationships, etc.

Win/loss analyses…providing objective feedback on product quality, the sales process, and customer service; determining positioning strategies of existing and emerging competitors

Market share defense…assessing the threat of a new competitor (including substitute products or services) and devising an effective counter-strategy

E-Commerce strategy…determining competitors' current and planned e-commerce capabilities and strategies, including both internal investments in technology and alliances with established portals or strategic partnerships

Please feel free to contact Lenore at Fuld & Company's world headquarters in Cambridge, Massachusetts. You may reach us by phone at (617)492-5900, or by e-mail:lscanlon@fuld.com.

Project Experience

Rumor Investigation…Your competitor's customers may prove the best source to confirm a rumor.

Successful positioning requires an understanding of both the competition and client perceptions.

New Rivals - The Internet has dramatically impacted the employment services industry.

Identifying core competencies is critical in an era of outsourcing

Operations and Processes - attempts to transform transaction-based employees into salespeople can encounter significant hurdles.

Innovative distribution strategies are often the key to success with new product launches.

Wins and Losses - "Blind" interviews elicit more objective feedback.

Price and Cost Structures - Adopting techniques used in manufacturing cost studies, cost benchmarking can be done in financial services too

Star Talent Defections/HR Issues - Retaining top sales performers isn't always an issue of money.

Paradigm shifts have dramatically increased buyer power.

Information technology (IT) capabilities can provide emerging competitors with an immediate advantage in your market niche.

Customer service isn't just about rapid response to customer complaints and requests.

Alternative Distribution Channels - worries over "channel conflict" can stall efforts to explore alternative distribution channels, providing an opening for competitors.

Deregulation - The Citicorp/Travelers merger provides a wake-up call in Deregulation.

Financial Services Process Consulting.

Evaluation of E-commerce Technology in the Discount Brokerage Industry:

Mergers and Acquisitions: Expanding Product Offerings through Acquisitions

Staff Bio

Lenore Scanlon , VP & Senior Advisor, Financial Services Practice
lscanlon@fuld.com