Lloyds chief calls on banks to focus on customers

17 December 2012

Banks need to once again focus on their core values and prioritize customer needs in the aftermath of the global financial crisis.

That is the opinion of Antonio Horta-Osorio, chief executive of Lloyds Banking Group, who believes financiers lost sight of what is really important in the lead-up to 2008's banking collapse, which has resulted in businesses and households alike losing confidence in the industry.

In an article published in the Daily Telegraph today (17 December), Mr Horta-Osario explained banks have become "complacent, non-customer focused and inefficient" in recent years - a trend that resulted in companies offering complex products that consumers "often did not need or understand".

For instance, many banks are currently embroiled in the scandal relating to the mis-selling of payment protection insurance and the Lloyds chief therefore urged financiers to make consumers "the reference point for all we do".

"We must prevent mis-selling happening in the future by designing the right products," he added.

By Claire Archer

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