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A harsh reality faces the banking industry today: Consumers use the words “untrustworthy,” “self-centered,” and “greedy” to describe their interactions with banks. Trust is gone, and many account holders feel trapped with a bank they perceive as undesirable. The competitive environment has also increased the risk consumers perceive when selecting a bank. Financial institutions can no longer rely on older business models. The landscape is changing, and competition from unexpected global entrants is requiring a new focus on the customer. |
