More than regularly I use this Daily Spark to write about the need for entrepreneurs to think more customer centric. Well, it appears established banks can learn a thing or two too…

Clipped from an article written by an employee of a large bank that featured in yesterday’s newspaper: “The problem I’ve observed is people don’t understand the language of the bank.” 

From here the segment could have gone two ways: the writer could have acknowledged how she as the bank should create products entrepreneurs can understand, and sell them in a language that speaks to these same entrepreneurs; or – and this is unfortunately the road the writer of this article took – continue to explain how entrepreneurs should engage with the bank to become worthy of their products and services.

SPARK OF THE DAY

It is typical for incumbant businesses that have been around for decades if not longer to become complacent and miss out on the change they need to become to stay competitive. In this case the bank (and I am afraid the industry) fails to speak the language of entrepreneurs and hence entrepreneurs fail to take up their offerings.

(I can argue that even the employees at the bank could benefit from understanding their own products and services – anyone remembering the financial crisis of 2008?)

As a novice entrepreneur it might be too complex to start your own bank, but opportunities to challenge the status quo are everywhere!

The world thrives on value, also in (East) Africa ✨