Blogs

Derek Bishop

Director

When does it end?

Date added: 31st Oct 2014
Category: Customer Experience

Businesses may have changed but until the customer on the ground is faced with active and positive change on a daily basis they are never going to move towards the type of co-creative trust which is demanded in the new financial environment.

As RBS follows Barclays’ lead in setting aside £millions to cover potential costs from an ongoing investigation into Forex rigging we hear that Citigroup has set aside $600m in respect of potential legal costs in respect of “rapidly evolving regulatory inquiries.”  Elsewhere financial advice network Sesame has been fined £1.6m for setting up a ‘pay-to-play’ scheme which according the FCA “promoted its own commercial interests over the interests of its clients.”

Whether these investigations and fines relate to current or past misdemeanours is irrelevant when it comes to re-establishing the trust which customers should have in the finance sector.  Organisations may say that they have changed but every step forward is more than negated by headlines about fines and costs and investigations; particularly if all the customer sees is a few posturing comments  about services being simpler or fairer and then finds that the account which they have had for years has been superseded by one which offers less.

Businesses may have changed but until the customer on the ground is faced with active and positive change on a daily basis they are never going to move towards the type of co-creative trust which is demanded in the new financial environment.

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