If banks are to remain as the core of financial intermediation, they must retain customers, now increasingly susceptible to be poached away by non-banks offering cheaper, more convenient services. To do so, they must move with the times.
This was very much at the back of my mind when we empanelled a Task Force to examine the terms and conditions in banking contracts in response to growing customer complaints. A report containing 100 recommendations for improving the bank-customer relationship is currently under public consultation.