I want to return to a theme that I discussed in a speech that I made to the Financial Services Forum conference earlier this year. You can download the text of the speech from my website. If you read my earlier blog on Banking and Common Good there are some key themes that emerge if banking is to regain our trust as consumers. As I outlined in that blog I believe we are a turning point but there is significant regression to the mean and that the old status quo is most likely to return. I read with interest in the weekend’s FT about the prediction of a bumper bonus season for the investment bankers.
As “masters of the markets” financial services can contribute market based solutions to the biggest problems. The issues facing us today as a globalised society are bewildering: climate change, peak oil, water crisis, natural resource depletion, all underwritten by uneven wealth distribution, poverty, crime, conflict,increasing urbanisation. These issues are moving more quickly and in a more interrelated way than ever before. The European Carbon Emissions Trading Scheme and the futures markets for protection of Amazon land, are all examples of financial markets contributing solutions.
Contribute proactively to a move away from an age of naked consumerism to something that priortises inidividual well-being and community cohesion. Imagine a world where a conversation in the bank, with a bank manager, could assess whether a credit card to fund that new purchase, or a stretching mortgage to buy that bigger house, were needed putting individual happiness at the heart of the discussion.
After all is said and done what we trust are organisations that have values communicated through their actions, run by accessible and open people, businesses that value their loyalty, and seek to create profit by creating products which meet consumer needs transparently. We will trust brands that communicate openly and positively about the many benefits they provide. Brands can move from basic levels of trust when their businesses start to play for higher goals.
What do you think? As always please feel free to share, retweet, comment and get involved.
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