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Sunday, May 26, 2024

Credit Crunch 10 Years Later

Crisis Shattered Consumers Trust In Traditional Banking Forever

Sophie Guibaud, VP of European Expansion at Fidor Bank, said of the 10th anniversary of the Credit Crunch (09/09/17):

“The credit crunch shattered consumers’ unflinching trust in traditional banks forever. Undoubtedly, now there is a feeling of distrust towards banks as they feel these financial organisations are putting their interest first instead of the consumer’s.”

“As consumers have become increasingly sceptical of traditional banks, one positive to emerge from the financial crisis has been the rise in prominence of challenger banks and innovative financial service providers. For example, Fidor Bank was founded in the turmoil of the credit crunch, with the goal of creating a transparent, financially integrated experience for consumers globally.”

“Consumers now have a much more level playing field when it comes to banking, but most importantly too, they know it. This means that financial organisations can’t take their customers for granted again. In order to be successful in today’s world of banking, they instead have to have a customer-centric, transparent and fair service on offer.”

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