Financial Services (105)
Making banking responsible?
The consumer credit company Cofidis has just launched a new signature - “From people, to people” - and changed its own brand positioning to get closer to its clients and their needs. The company is moving away from being known for anonymous and remote loans.
Why it matters
The financial crisis has thrown many families into a very difficult situation, especially because of over indebtment and an abrupt rise in living costs. In a time where some people need credit more then ever, consumers are increasingly suspicious of the financial system. Companies like Cofidis are well aware of this and are offering much more than a loan to its clients: a service that includes not only the money needed, but also personalized financial counselling and help in household budget management. Is this the end of “blind loans” that contributed to the collapse of the banking system? Will this crisis contribute to a more responsible and sound financial system? And will this new approach last?
Vein authentication is only commonly used in high security areas – now Hitachi and Coca Cola plan to introduce this technology for the use of consumers as well. People will be able to pay for their drinks at vending machines with nothing but their fingertip, with the amount of money being withdrawn automatically from their bank account.
With all the turmoil on Wall Street last year, community bankers are calling for a move back to Main Street. Arianna Huffington is leading the cause with her Move Your Money initiative, aimed at consumers who are banking with the big guys. She claims that although the small banks can’t compete against the big banks, with the help of the collective, they can create an impact. With her program, it’s all about making the statement that Americans won’t stand for greed, corruption and bailouts for bad decisions anymore. And in the end, we’ll all be better off with community banks than with national corporations.