Prove What You Have Learned
For our economy to recover and be healthy, we need our institutions like our banks to be viable and successful. At the same time, we must expect the leaders of these businesses to have truly learned from the problems that brought about their downfall.
Yes, the country remains in a difficult position, and the banks were part of the problem.We now need for them to be part of the solution. The formula requires:
1) A comprehensive understanding of what went wrong, and how it happened;
2) An open, transparent communication of the learning from step one;
3) An open, transparent plan that they have acknowledged, learned, and have put in the needed safeguards to avoid repeating the past. Remember that trust can be quickly lost and will need to be re-earned over time.
and 4) Going out of their way to keep the plight of their customers in view: excellent service, programs to optimize the needs of the individual and corporate customers, showing their own "sacrifice" or contribution to the recovery as they enjoy their success. They need to focus on positive values and deal with greed at all levels. Integrity is the currency of trust.
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