http://stuartsmithsblog.com/2012/12/01/greed-not-marketing-to-blame-for-lack-of-trust-in-banks/ Read all about it – marketing and media Thu, 16 May 2013 22:12:21 +0000 hourly 1 http://wordpress.com/ http://stuartsmithsblog.com/2012/12/01/greed-not-marketing-to-blame-for-lack-of-trust-in-banks/#comment-7706 Sun, 02 Dec 2012 20:42:01 +0000 http://stuartsmithsblog.com/?p=8897#comment-7706 (1) Banks have always been and always will be crap at marketing in this country because the vast majority of British society does not engage with the arithmetic of money until it has a problem with it. To bring “society” to the banking table is an empty vision statement.
(2) You cannot divide “marketing” from the rest of the institution. The CDO debacle was an instititutional phenomena, stemming from banks selling to insurance companies and pension funds etc (limited marketing input), but Northern Rock’s hell-for-leather selling of 125% loan to value mortgages, which in turn fed the CDO machine, was most definitely marketing-led. As was the sale (in many cases) of payment protection insurance. Everyone is responsible.
(3) Question: which is worse: being greedy or selling products that don’t do what it says on the tin? Clue: one is illegal. Focusing on the subjective notion of “greed” is fashionable but unproductive. We should be focusing on prosecution.

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