Trends in Banking 2017 and onwards

TL;DR

This paper examines evolving banking relationships post-2017, highlighting shifts from traditional security concepts to shared responsibility models to combat fraud and adapt to new financial realities.

Contribution

It introduces a novel legal framework proposing joint liability for banks and criminals to enhance fraud prevention and adapt to changing banking paradigms.

Findings

Changing customer-bank relationships and perceptions.

Legal proposal for joint liability to combat fraud.

Evidence of shifts in banking security concepts.

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.