Hospitality and Leisure 2019 outlook
Within the leisure space there’s been quite a lot of change in 2018.
Our customers have had to respond quite quickly to a number of things extraneous to what they would normally expect, be that political or be that the labour supply.
Our job has been to work with our customers to try and take advantage of opportunities and actu-ally in some cases to defend their position and help them keep their competitive edge.
There’s no doubt that we do expect there to be a few challenges in 2019 in the same way that we saw issues with casual dining in 2018.
That could be the way that people consume their leisure time, we know today that 57% of the work force no longer expect to work 9 'til 5, Monday to Friday.
As a result the leisure opportunity is broadening and we need to look at the disruption that’s com-ing through in the industry and work with our operators to best effect so that they can actually maximise and harness that opportunity.
So in 2019 we’re going to have a look at how we can work with local communities so that leisure operators within that community can all pull together almost as a micro market offering services to suit the hours of their local consumers.
So that may well be people wanting to go to the cinema late, or go to the swimming pool late.
What happens in a micro market situation is that the restaurants may open later other parts of the leisure sector in that micro market work together with each other, actually swapping notes to benefit from the changing trends as a whole, rather than just one particular part of leisure catering for that particular need.
For 2019, the key thing that I think we’ll see coming through is that we’ll work with our customers in a much more consultative way we’ll be working with them to map their end to end customer experience and that will be conversation not just with their finance teams but with other aspects of the business.
How do they buy things?
How do they recruit their staff?
How is their training?
And then as a bank, how can we embed some of our technology.
It may be around harnessing extra secondary spend when customers are on premises.
It may be helping them to embed their payment systems to make it much more efficient.
Either way we will see this consultative approach as being something we can offer to the mainstream for all our customers with that leisure focus.