CUSTOMER EDUCATION & FINANCIAL LITERACY
The New Banking Imperative
What is the best type of customer from a bank perspective?
Is it the gullible, ignorant and lazy individual who blithely takes their bank's word as fact? Who cannot (or will not) take the time or make the effort to attempt to understand the issues and concepts that have such a direct and profound bearing on their financial situation?
Or is it an informed and confident individual, capable of extending and challenging their bank's propositions, but set on a product path of escalating sophistication and (from a bank viewpoint) profitability?
For too many banks, for a good many years, it has been the former, and the consequences of this have converged in a mighty wave of regulation to curb banking misdeeds. This has coincided with the disturbing aftermath of the great financial crisis, where the spectre of the titanic forces capable of being unleashed by a dysfunctional financial system, thought to be far removed from people's everyday lives, suddenly became frighteningly intimate.
Director of Councils and Client Relations
Phone: +353 (0) 87 173 6297