Bankers often talk about the ‘trust’ consumers have in banking as a defining characteristic of why customers give banks their money instead of simply keeping it under a mattress. Some bankers might have difficulty understanding why customers of today seem perfectly happy to give money to the likes of PayPal, M-PESA, Lending Club or Zopa. [...]
Tags: BofA, cloud, correlation, occupy, sentiment, share price, trust
Continue Reading | 
Add Comment » | 
November 23rd, 2011
Recently I’ve been discussing with bankers, economists, strategists and futurists the future of the banking industry. At a time when we’ve got the likes of the “Occupation of Wall St” (#OWS) through to discussions in various camps about the very survival of banking as we know it, a question you might ask is how did [...]
Tags: Advocacy, basel, cash, Checks, Google Wallet, physicality, risk management, social media, transparency, trust
Continue Reading | 3 Comments | October 19th, 2011
Building trust starts with creating great customer journeys that improve service levels and demonstrate a willingness to be transparent. We can’t rebuild trust without these elements. The biggest risk today, is simply that I don’t trust you enough to give you my money.
Tags: Engagement Banking, journeys, reputation, risk, service, transparency, trust
Continue Reading | 5 Comments | November 18th, 2010
This week we have some of the world’s biggest banks recording staggering, record profits – despite this there are serious challenges heading the banks way in the short-term and consumer trust is just the start of it. As early as July 2008 we started to hear serious grumblings from consumers groups, customer advocates and politicians on how banks had “lost their way”. This loss of confidence and consumer backlash forced politicians in the US, EU and elsewhere to look at so-called “Robin Hood Tax” where bankers who took huge bonuses would be taxed at a higher rate. Undoubtedly, the proprietary trading post-GFC off the back of cheap government money (TARP, etc) as the markets reverted “to the mean” created the opportunity for arbitrage profits and subsequently huge bonuses. The theory that the bank bailouts would free up credit for the average man on the street was quickly lost as banks chose risk-adverse customer lending strategies. But now the banks face a quandary…
Tags: banks, Behavior, Digital Natives, GFC, profits, social media, trust, Y-Gen
Continue Reading | 5 Comments | May 21st, 2010
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…
Tags: global financial crisis, infographic, innovation, product innovation, Retail Banking, trust
Continue Reading | 5 Comments | April 13th, 2010
