I grew up in a world where a run on the ‘bank’ was never realistically going to happen. I grew up in a world where when someone wished to declare the truthfulness of their assertion they’d simply say “you can take that to the bank” or when it was a sure thing they’d say “you [...]
The banking and financial services sector is perhaps the oldest profession around. In recent times banks have come under heavy fire from customers, regulators and the media alike for their participation in and failure to prevent the global financial crisis. The introduction of Credit Default Swaps, CDOs, Asset Backed Securities and other structured financial instruments are thought to have contributed significantly to the failure of the global equity markets in 2008, and the subsequent global recession.
So are banks innovating in the right areas? Has the innovation in product produced greater customer satisfaction, higher margins and better banking?
I’ve compiled this infographic to put some of the thoughts in perspective. Let’s just put it this way, banks are not know for their innovation. But they better start learning, and fast…