At the moment around the world, financial services is an industry in transition from being a product provider to a service provider, and if the first wave of data is any indication this spells real trouble for retail super funds.

While financial service companies have always claimed to be service providers, most of them weren’t, they were product providers dressed up as service providers so that they could be better at selling products.

Well that game is over. A combination of structural and legislative change – combined with shifting consumer behavior as well as more and more choice of product type, service type and channel type – means that real change is finally happening in the industry.

Now the big question is – who has got the right to ask customers to shift from product provider to fully fledged service provider?

This question isn’t that easy to solve and there are a lot of competing data points about who has the right to ask for the customers’ business.

The most common score businesses use to assess this is the Net Promoter Score (NPS) which is a proxy for likability.  Across the banking industry, the Big Four banks have relatively low NPS scores, while the smaller banks have high NPS scores.