Threee ways to Repair Public Trust in Banking
David De Cremer
Three Steps to Repairing Trust in Banks
The banks in America and many other nations have lost the trust of the people by “act[ing] more as agents interested in the products they sell rather than in providing services promoting the interest of their clients.” (De Cremer 2010) During this economic crisis it has become increasingly important for banks to restore the confidence of their customers. This could increase the number of loans applied for and actually received thereby stimulating the economy. David De Cremer outlined a series of ways in which banks could go about doing just that. First, he feels that banks should find a new more honest way of cooperating with the citizens. Second, that the banks should be “serious and sincere in any communication of change” (De Cremer 2010) and third, that forfeiting some of the leadership may be necessary for this change to happen. As an example, he offers a Dutch bank that recently began offering new low interest rates to both its new customers and older customers who were at a higher rate. Previously the lower rates were set aside for new customers only. This reminds me of how Sprint used to upset me offering all those free phones to new customers as if old customers were less worthy of incentives.
To the author I would say Kudos and any idea when the banks in America might see the same trends?
De Cremer, David. (2010 June 10) Rebuilding Trust, Voices.
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