Creating an omni channel customer experience is the most urgent brand challenge facing the financial sector in the UK and Europe. That is, aligning all consumer-facing channels to ensure consistency of experience. Customers increasingly expect to switch between channels whilst managing their finances, and the dangers of over-investing in one channel are many. Instead, the financial sector must take a broad approach to change and innovate in ways that strengthen their overall brand offer; ensuring that branches are designed that exceed expectations and that digital technologies adopted genuinely improve the customer experience.

Having recently moved to the UK, I think the biggest challenge the incumbent financial services sector has is proving to their clients that they deserve a chance to be/remain their FS provider. The FCA and other European regulators are changing the game when it comes to enabling new forms of competition and I think 2016 will be a year where it becomes blatantly obvious that we're all regulated by the same rules but it's the way in which we apply them that enables new forms of innovation and experiences that meet customer needs. So whilst we've heard a lot from the high street banks about what they are doing, we're seeing a lot more in reality from the challengers/neo-banks.

The financial services sector has championed new technology, ensuring online banking is secure and real-time management is at our finger tips. Yet the reality is that many customers still favour traditional channels. Too few organisations have truly embraced digital transformation and fewer still understand the importance of integrated communication - so the challenge is delivering an omnichannel experience. Customers expect to be able to engage in the channel of their choosing & understand the value of investing in products or services. A sector that has led the technological charge is in danger of being left behind.

Banks have lost a lot of credibility since the financial crisis and recent high-profile scandals such as mis-sold Payment Protection Insurance in the UK. Over the next five years they are going to need to focus on regaining consumer trust and building their reputations, while responding to changes in the competitive landscape. Fintech start ups and challenger banks that are entering this market are now offering user-friendly, cost-effective, service orientated products that threaten traditional banks' long-held market share.

I’d suggest one idea would be to really focus on their leaders’ personal brands and begin a program to try and show the human face behind not just the banks’ management team, but everyone down the ladder. The financial services industry has to observe a number of marketing restrictions, so as they are trying to win back trust, they need (as one part of the plan) to try and create a positive emotional connection with the public. I feel they’ll do that best by realising people are their best asset and start personal branding and employee advocacy programs to win hearts and minds back.

Brands will need to learn how to connect with consumers on the consumers' terms. And the simple fact is customers are switching off to traditional advertising, wanting more meaningful and engaging interactions with brands. Brands will have to connect on issues consumers care about,; they can't afford to be seen to be pursuing their own agendas. Bank s can no longer rely on the notoriety and heritage of their brands (especially the bigger ones) . Instead, consumers will begin to look for a deeper emotional connection, a richer experience and a clear purpose.

Successful business has always been about relationships and the challenge of building great connections with customers will be greater than ever. The banking sector is on the front lines of figuring out the issues posed by increasing online participation while also serving a customer base that values the traditions of brick and mortar locations with face-to-face transactions. Banks need to serve older generations who expect the banker in their neighbourhood to know them by name as well as younger customers who are digital natives and trust online relationships to guide their decisions. The banking sector is challenged to meet these very disparate ways of engaging equally well.

Bank brands are generally disliked by consumers and governments because of bad banking practices that have come to light over the past decade: PPI, mortgage foreclosures, LIBOR etc, along with films like 'The Big Short', give people the impression banks are just big, fat, greedy capitalists. So the biggest challenge is how to turn around these perceptions and create a banking brand that is believed to be cool, trusted and aspirational. Apple and Tesla have these qualities. Can you name a bank brand that you could put in the same sentence as these two?

The European banking sector's image suffered greatly in the aftermath of the financial crisis – bailouts, scams and scandals are not things the public can easily forget and forgive. So as banks now try to embrace all things digital, online presence can be in their favour. Offering an easy-to-use mobile solution with real-time notifications to customers is more appealing than spending hours on hold or receiving a statement by post that you are overdrawn weeks too late. Social media can be a strong weapon if used sensibly: queries can be addressed quickly, and having real people behind social media gives banks a much needed human touch.