The Economist: Ted Moynihan On The Banking Revolution’s Impact On Consumers
May 3, 2019
Ted Moynihan, Oliver Wyman Partner and Global Head of Financial Services was quoted in a story in The Economist titled “The Banking Revolution is Great for Customers.”
The article, part of the Special Banking report, examines how banks are changing to meet consumer needs.
The biggest benefit for customers will come from a rethink of what banks are supposed to do. As traditionally conceived, says Ted Moynihan of Oliver Wyman, a financial consultancy, what a bank offers its retail customers is a way to store, spend and borrow money. It has not been a core part of its job to help them decide whether a purchase or loan will make them happier or wealthier. Often it will not. Research by the consultancy into credit for the American mass market shows that 30% of those who had taken out revolving credit regretted doing so; just 10% were glad they had.
To read the entire story, please click here.