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People are taking control of their banking relationships. Banks need to embrace this trend and give more power to their clients. This is the conclusion of the Ernst Young Global Consumer Banking Survey 2012. According to this study, customers are more likely than ever to switch banks and social networks are becoming important sources of information. Overall, customer confidence in banking continues to fall with 40% of clients losing trust in the industry over the past year and only 22% gaining confidence. It is not surprising to note that this downward trend is the strongest in the European Union, which is in the midst of a fight over sovereign debt and the euro crisis.
Southern European countries top this chart: in Italy 72% of people have lost confidence in...
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