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Trends in Banking 2017 and onwards

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  • Peter Mitic

Abstract

The changing nature of the relationship between a retail bank and its customers is examined, particularly with respect to new financial concepts, debt and regulation. The traditional image of a bank is portrayed as a physical building a classical Doric portico. This image conveys concepts of service, soundness, strength, stability and security ("five-S"). That "five-S" concept is changing, and the evidence for changes that affect customers directly is considered. A fundamental legal problem associated with those changes is highlighted: a bank is no longer solely responsible for the safeguard of customer monies. A solution to this problem is proposed: banks should be jointly liable with perpetrators of criminal activity in the event of frauds as an encouragement to recognise and mitigate fraud.

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  • Peter Mitic, 2017. "Trends in Banking 2017 and onwards," Papers 1705.10974, arXiv.org.
    • Handle: RePEc:arx:papers:1705.10974
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    File URL: http://arxiv.org/pdf/1705.10974
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    1. Office of Financial Research (ed.), 2016. "2016 Financial Stability Report," Reports, Office of Financial Research, US Department of the Treasury, number 16-3, May.
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    Cited by:

    1. Paul Handro, 2018. "The Role Of Customer Experience In Retail Banking And The Rise Of Fintechs," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 175-185, February.

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