Reforming Banking: Fintech & Citizen Power

On the 16th of March, The Economist published an article titled:

“What’s wrong with the banks”

The article concluded:

Depositors and taxpayers from Silicon Valley to Switzerland are facing a significant scare. They should not have to live with the fear and fragility they thought had been relegated to history years ago.

Like any business, banks have evolved based on the decisions made by their owners, management, and under the supervision of governments. Unfortunately, most large banks have shifted away from funding trade and commerce, no longer serving as the engine for high street growth. Instead, they have chosen the Wall Street model, which prioritizes short-term results. Credit Suisse is a shocking example of typically conservative, risk-averse bankers speculating with their clients’ money!

To make banks safer, it is essential that bankers become accountable not only to supervisory authorities but also to society as a whole. Private citizens have the power to encourage banks to support entrepreneurs, local businesses, and just causes while refraining from investments that continue to harm the planet. Making banks accountable is crucial.

Supervision from the top must now be complemented by monitoring from like-minded citizens who are willing to stand up to bankers and money managers. By leveraging the power of our money, combined with the power of Fintech, we can force them to change.

BE PART OF THE CHANGE. JOIN THE MOVEMENT.

For more information on how PWFO can help you become a driving force for change within the banking and wealth management industries, or to learn more about our services, please contact us at [email protected].