Transparency: it is the only thing that banks CANNOT afford


Time for a reality check methinks!

Retail banking in the UK is not competitive enough, a Commons Treasury committee report has concluded.

The cross-party group of MPs said there was a lack of price transparency between current accounts at different banks and it was too difficult for customers to move their accounts.

The committee said similar barriers existed for small business customers.

The British Bankers’ Association said the industry was working with regulators to improve competition.

via BBC News – Retail banks not competitive, says Treasury committee.

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BBA aren’t even apologists for a morally bankrupt and financially corrupt industry. As the “clever” words form and lips move the lack of any soul or remorse is consistently betrayed by the dead-eyed delivery of an organisation, well versed at lying without conscience and defending the indefensible.

Why no culture of customer service?

In true Freakonomics style: How many drug dealers have you heard of who have a mission statement or customer charter?

Why invest in engendering loyalty when customers armed with the facts can be so demanding and fickle? Alternative: tap in to the pop culture for instant gratification. Create dependence by selling the lie of “financial independence”. There may not be much difference in the upfront cost of either but dependence is far more lucrative (call the tune and watch ’em dance!) and even more reliable than inertia.

After all, the last thing you would want is a level (or transparent) playing field because the only person that benefits is the “user”.

The “dope squad” (or FSA) turned a blind-eye to the activities because it paid them and their paymasters to do so and their pay-off was sufficient to fuel the myth of prosperity whilst funding a Public Sector spending spree! Read more of this post