Over eight years have passed since the financial crisis began and it is clear that the financial sector is still feeling the consequences. Whatever your viewpoint, one thing is clear: the reputation of the banking sector is an easy target for headlines. Well, this short article will not go over what banks did wrong, but why it is important to get the lessons right.
Whether we like it or not, banking has a key role in the prosperity of our society. This is the reason why reactions to bank failures have been visceral – and rightly so. But lesson needs to be learned on the basis of a simple fact: banks and banking are not the same thing. Banking has played a fundamental role in modern economies, encouraging growth and development, managing risk, moving, investing, lending and protecting money for customers and clients.
