Credit institutions should take a critical approach to critical consumer issues

This shows that it does not matter to the customer whether a grocer or a bank should vouch for a grievance that he is responsible for or not. Anyone who sells something has to vouch for it being okay! It therefore does not help if credit institutions regret the poor performance of a fund – but ultimately do not declare themselves responsible. You have sold the product. Finished!

As a result, credit institutions are knee-deep in problems that they are either responsible for or for which they are held responsible: commission-oriented advice, overpricing customers, poor returns and losses in value of investments, the resale of loans to third parties , the financing of jungle destruction, water pollution and war weapons … The list is darn long.

 

Nobody expects the bank to solve all problems – but at least one or two, please

So there are enough options to make yourself a pioneer in a critical topic. The charm is that it is enough to position yourself as a pioneer in one or two topics. Then the consumer is already enthusiastic about the otherwise lethargic competition. Nobody has to become an all-rounder in saving the world.

But what could be approaches for pioneers in banking? Investing with a clear conscience, in cooperation with well-known NGOs. Anything that does not meet minimum social, economic and ecological responsibility requirements is not sold to the customer. And not guaranteed.

Or the value proposition for which the bank stands by: the bank advisor recommends a fund that has delivered enviable returns in the past. If the customer buys this fund and does not receive the supposedly announced return, he pays proportionately fewer fees to the bank. That will not do? Is that too radical? Ultimately, it is only a risk assessment that has to be factored into the price model.

 

Don’t be afraid of unconventional ideas – they have the power to convince customers

Don

Anyone who reports a mistake in banking advice will get back ten times what that mistake would have cost them. As a thank you for the valuable note! And not miserable after a long bickering, whether that was really a bank mistake or you can just see it differently. We love it when bank customers help us get better!

Credit institutions don’t have to be afraid to touch critical issues. The reputation crisis with the associated economic consequences is coming anyway. It’s only a matter of time. Grocers show how to stand out positively from the competition, especially in critical issues.

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