ECB Gertrude Tumpel-Gugerell: Transformation of the banking business and its impact on retail payments
12 May 2011
She stressed that retail payments revenues cannot be taken for granted. They are under pressure from different directions: increasing competition, substantial investment needs to keep up with customer demands, and technological progress.
ECB Gertrude Tumpel-Gugerell stressed that the financial crisis has not only led to a better recognition of the importance of retail banking and retail payments, it has also sharpened the focus on banking governance. In recent years, many banks were giving increasing priority to the interests of the shareholders. Consequently, it can be argued that the interests of the clients, and thereby of society as a whole, slipped too much into the background. In short, the public service function of banks, which is particularly relevant in the field of payments and loans, has been neglected.
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