This report argues that the problems banks can cause when allowed to operate in the private sector without clear notions of the public good require a re-think of their role. Banks are beginning to offer products that help consumers manage their money, but the impact of these is low at present. At the same time, many consumers are focusing more on getting value for money. This changing environment means that the time is ripe for banks to offer products that are demonstrably in the interests of their customers.
This report argues that the problems banks can cause when allowed to operate in the private sector without clear notions of the public good require a re-think of their role. Banks are beginning to offer products that help consumers manage their money, but the impact of these is low at present. At the same time, many consumers are focusing more on getting value for money. This changing environment means that the time is ripe for banks to offer products that are demonstrably in the interests of their customers.