But they are no panacea. That s what I mean by a balanced blend of vision and verity. Let me put it another way, in another context. It s not surprising that the first industry to extensively embrace computers, back in the 1950s, should also be a pioneer in the delivery of its products and services over ATMs, telephone lines, and the Internet. But especially in dealing with technology, it s crucial not to lose sight of the distinction between means and ends.
Banking is a service business.
And innovation, no matter how original, adds value to a financial institution only to the extent that it aids in the effort to provide excellent service. No matter what niche in the marketplace a bank seeks to fill, customer service has to come first. Everything else ranks a distant second. That understanding is the foundation of outstanding service and lifelong customer relationships. No one benefits in the long run from a loan that can t be repaid or an investment that doesn t meet the customer s needs.