Both my daughters are digital natives. They don’t watch broadcast TV, they curate what they want to enjoy often whilst doing something else at the same time. They don’t read newspapers, or listen to the radio. They are cynical about advertising gained from bitter experience from when they’ve bought things that weren’t what they seemed. They form strong and coherent views on brands through their own experience, the views of others in their network and chat rooms. They are both very brand literate and like brands that have personalities and values they identify with. They are often more aware of what a brand is really about than the people who work for that organisation. They spend hours on Facebook, Twitter and Snapchat catching up with friends, arguing and sharing things they find funny or that they identify with.

A perfect storm is reshaping the financial services landscape

They both do their banking using an app that allows them to manage their money. They dislike going into a branch because they sometimes feel judged. They’ve no idea what a cheque is or why we have them. They are restless and impatient. They want things now and are intolerant of anyone who puts barriers in the way of getting the information, or entertainment or product they want.

After all there are so many more interesting things to do. They are not alone. They share similarities with millions of consumers across many markets who are restless and cynical. For example, a recent survey by Nielsen in the UK showed that consumer trust in most forms of advertising and communication - including TV ads, company websites and editorial content - has fallen in the past two years.

Today’s consumers are also empowered with finger tip access to information and other peoples’ views. These self-motivated consumers have such ready access to practical information that they are often more informed then the employees of the banks and other companies that they deal with.

Gary Hockey-Morley