Companies are trying to insulate their businesses from negative impacts by planning for various scenarios and strategies. However, most did not plan for Brexit.
These same companies are looking to their banks to provide them with ideas and advice, but it seems many banks did not proactively reach out to clients about Brexit. This suggests the result of the Brexit vote came as much as a surprise to many banks as it did to their clients.
Nevertheless, this is a unique "window of opportunity" for banks to demonstrate their understanding of financial markets, product expertise and ability to deliver customized solutions as companies plan to reallocate their banking business and will be reviewing their list of banking providers.
Bottom Line
During times of crisis, true business partners rise above the rest to provide much needed advice and counsel. How is your bank developing thought leadership to anticipate future client needs?