I broke a rule of mine this morning. I used the word “transparency” in an email. The word is anathema to me because it’s part of the lexicon of markobabble used in meeting rooms across America.
The reality is, though, some marketing categories do not tell the complete truth. They tell the “selling truth” and leave the rest of the story for consumers to figure out. Thanks to the web, consumers are more educated these days before purchasing things. With rating and ranking systems, it’s harder to sell a dog. But there are still certain categories that are almost in collusion when it comes to telling the whole truth. Banking is one such category.
Were one bank to stand up and go all “Michael Bloomberg soda legislation” on us, it would be refreshing. It would engender trust. Bank vault doors are opaque for a reason. It’s sad because banks don’t stand for anything these days. (Customer service?) They could stand for so much. Banks are integral to the American dream, yet they get no credit. That’s because they are always selling. And now with the mortgage scandal fresh in our minds, and borrowing instruments at every turn, we could use a bank to step up and tell us the hard truths. That strategy is money. Peace.