Self Service Banking save Global Market Crunch

The US global market crunch has affected the world's economy in many ways. Those eager mortgage brokers couldn't imagine the turn of events when started selling aggressively to high risk consumers mortgages with rates and policies similar to car deals. All these are old news, so I will avoid becoming tiring and listing those consequences.

Very interesting are the ways banks are trying to deal with their losses. One of them involves heads of retail banking who are called to save the day. It might actually turn out to be an idea which will work out some good results and create a different mentality in the consumer's banking arena.

Banks are looking into more practical ways of making up for the lost money by reducing cost. So, a very simple and effective action would be to minimize operational costs. Customers are provided with more ways to manage their own money by adding features and incentives to already established tools like online banking, cash machines and contact centres. The decision making process appears ever so simple in that case. Invest on existing technology which will help banks reduce operational costs and losses from bad debts.

There might be light in the end of the tunnel, maybe not so far away as many have thought. There are several paths to be followed apparently, like self-service options, electronic debt counselling, support for cashflow and money management websites and last but most important online banking. As for the critics of such techniques claiming that those are over simplistic and shallow solutions I would answer back that the simplest ideas are the ones which work out miracles.