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There was widespread agreement that trust had broken down between key sectors of the industry and its customers as a result of the financial crisis. Some of those interviewed thought that customers would be less inclined to buy innovative products and would move `back to basics’. Others felt the priority would be to make products more transparent, without losing the complexity needed to address complex problems.
Several raised the threat to the sustainability of the banks and other sectors posed by a focus on short-term – often quarterly – performance. Others warned that unless financial services organisations did more to explain themselves to the wider world, the public backlash now evident around the world could damage the industry – and the global economy.
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vision: The future of financial services
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