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The Good Bank
Report

The Good Bank

A Concept for Improving the Global Financial Industry

Dan Armstrong
EIU, 2013
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Editorial Rating

8

Qualities

  • Eye Opening
  • Background
  • Concrete Examples

Recommendation

To identify the essential characteristics of a “good bank,” the Economist Intelligence Unit (EIU) instigated an online debate among the world’s top financial mavens to elicit their viewpoints. This report – presented by EIU senior editor Dan Armstrong – reduces the definition of a good bank to three simple attributes: “effectiveness, trustworthiness and innovation.” getAbstract recommends this pertinent analysis to banking chiefs and policy makers responsible for evading future crises and rebuilding public trust in the banking system.

Summary

The recent global financial crisis dented the public’s confidence in the financial sector. Though the industry has done much to mend its ills, further reforms are necessary to recoup trust. Via an online survey, the Economist Intelligence Unit identified the three basic qualities of a “good bank”: “effectiveness, trustworthiness and innovation.” These traits ought to form a self-reinforcing virtuous circle: Effectiveness generates profit and trust, which allow banks to innovate, which, in turn, creates savings and efficiencies. However, the three attributes tend to clash: Effective banks maximize profits when their processes are vague and when they...

About the Author

Dan Armstrong is a senior editor at the Economist Intelligence Unit.

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