Around the world, ever more banking customers are feeling discomfort. They despair at terms of contract they cannot understand, are shocked by hidden costs, and bristle at sluggish complaints handling. Demonstrations on Wall Street and elsewhere around the world accusing the industry of greed and corruption have further shaken customer confidence.
To brush off these expressions of consumer sentiment as simply outliers or exaggerations would be mistaken. Banks should see these signals as a call to action. What is needed is a fundamentally new direction - a business model that consistently puts the customer at the heart of all activities.