The practice of paying for a service after using it (“pay-per-use model”) is becoming increasingly popular in current society. End customers and users are setting the pace of this trend as we can see in the private property sector (for example, housing and transport), which is decreasing in demand. Therefore, companies have to irremediably restructure their activity to meet these changing needs. Continue reading →
Written by Silvana Buljan for Buljan & Partners Consulting
Imagine you lose all your hardly earned savings you invested in promising financial products, that were sold to you not informing you about the risk or just by blurring your eyes with promises that could not realistically be fulfilled… It is true that the responsibility is shared: the bank you trusted in has not been transparent in transactions, and you were looking for a high ROI without analyzing in depth the risk that these kind of products have. The fact is though that you are furious about your bank, and the client manager dealing with your money, and the government because they did not prevent this from happening, and and and.
You feel betrayed. And lost because suddenly life as retired person in the future has another image than the one that you were working on. What could the bank do to not lose you as customer? What would YOU make trust them again?
We live in financial times, yes, but we also live in a society whose “rules of the game” are being redefined / reinvented / questioned. Have we missed a fundamental discussion on such basic things like ethics or human values? Every citizen knows that a bank is making money with his money, it´s part of a bank´s business model. And every citizen knows that borrowing money is more expensive than lending it. That´s fair and nobody complains. But is it fair to not offer any recovery if things work out differently than thought? Definitely the money lost in your individual case is “peanuts” for the bank, but still you are the one taking over 100% of responsibility as you signed a “carte blanche” regarding liability rules.