TRUST IN BANKING

I’ve been thinking about Trust again as I pick up my book writing after a summer break.

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.

Yours

Justin

justin@basini.com
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Justin Basini

Entrepreneur, author of Why Should Anyone Buy From YOU?, blogger (www.basini.com), business, brand and marketing thinker and do-er, husband and dad

6 thoughts on “TRUST IN BANKING”

  1. Other than the commission and the slraay of the ceo and their senior management,Who pays for the incentive trips of the insurance agents?Who pays for the free gifts that you get from buying an insurance product?Who pays for the agents’meeting place at posh hotels?Who pays for the winning and dinning at posh restuarant?Who pays for the trips to gold coast?Who pays? Who pays for this and that?Now look at what you get in return for paying all those stuffs.1.Is your cash value of your whole life decent? 4%? 5%?No!!!! miserable 2% after donkey years, more than 3/4 eaten by inflation. Are you saving? NO!! you are paying for those people high living.2. Is protection from these products you bought enough to give you peace of mind?No!!!!! you are walking with a time bomb ticking..under insured!!Who has the peace of mind? Your insurance agents and their family.Consumers, cost has a lot to do with what you get . The higher the cost the lower the return and protection. Insurance is about protection and saving is about accumulation…if you pay more then you get less….common sense. it is not rocket science to understand the relationship.Now , tell me who pays for the frolicking on the beach, at the wine bars, at the resturuant , at the posh 7 star hotel?YOU! YOU! YOU!!

  2. FÃ¥r man ha Ã¥sikter om integrationsproblematiken fast man bor i ett etniskt rensat överklassomrÃ¥de med bara blonda (eller grÃ¥a) huvuden? Det är ju visserligen de mest segregerade omrÃ¥dena i landet, men ändÃ¥…

  3. Leuk geschreven! Ik ga als het goed is dit weekend naar Skyfall, heb van veel mensen gehoord dat het één van de betere James Bond films is. Dit verhaal zorgt er in ieder geval voor dat ik nog meer zin heb om de film met eigen ogen te zien!

  4. Quite agree…but it is only the very recent past that I feel is too modern. I'm okay up to about the 1960s! But yes, the past is where it's at, to be sure. And many commiserations on your present plight. Well done for getting it together with Kath to put this post up. In matters medical and heating-related I'm glad I live in this century….

  5. Sobre a falha critica publicada pelo KurtKraut, OgMaciel e no UbuntuForums, não utilizem apenas o “rm” para apagar o arquivo, ele ainda existirá no seu disco rigido, apenase será mais dificil achá-lo.. Neste caso utilizem o WIPE, este programa realmente *destruirá* os dados… sudo apt-get install wipewipe /var/log/installer/cdebconf/questions.dat

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