Justin

My real hope for the future of financial services is that organisations will realise that they have a social role as well as a commercial one. And if the big businesses don't adopt this vision that smaller and new businesses will steal share by delivering social and commercial good.

The biggest organisations, and mostly I'm talking about RBS and LloydsTSB, need to understand that there has been a distinct breakpoint created by their bailing out and being seen to be "too big to fail". All financial services but especially these brands have a responsibility to explain the vision and values for their businesses that make a difference to our society and well being.

Thanks again.

Justin

Great blog entry. Having spent 18months with The Co-operative Financial Services (CFS) I believe I can add a comment or two on the Basini Bombshell.

When I left CFS they were knee deep in new current accounts openings. These were mainly new customers switching because of dissatisfaction with current providers. Would these customers have switched if it weren't for the credit crunch? Probably not. Given enough reason the inertia can be overcome.

But they didn't switch for a better product, or a better service. CFS is no better or worse than any other bank in either department. They switched because their sense were heightened to the importance of 'doing the right thing'. Their ehtical and moral compasses were switched on and attuned to alternatives to the mainstream banks' way of doing business. They went for a bank that is "not about being different but about making a difference".

Tony