Want to be a good bank? Don’t copy other banks

“It was telling that not a single interviewee was willing to defend the status quo” is just one of the surprising conclusions in The Economist’s “Good Bank Report”, based on a discussion among representatives of the retail banking industry. You don’t have to look very far to find a discussion of the failures of banking when it comes to inspiring trust, working efficiently to respond to customers, and innovating – but it’s more surprising when those creating the criticism aren’t the customers, but the organisations that provide the service.

The participant’s in the Economist’s research offered different solutions to the problems their customers perceive – but one clear theme comes through. Banks “need to act in the best interests of their customer and be seen to do so. Old sins are not forgotten, but they can be forgiven,” the report concludes.

This is nowhere more apparent than in the fundamental brand asset of a bank: trustworthiness. On one hand trustworthiness, innovation and effectiveness reinforce each other – banks should follow rules, and innovate in the interests of its customers.

Read more at SAP Banking View

Want to be a good bank? Don’t copy other banks

 

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