Guest comment: Mistrust breeds online innovation in banking world

Financially-battered Brits continue to voice their concern about banks in the time-honoured tradition – via surveys. Justin Schamotta looks at how the banking crisis is creating a new breed of financial innovation online.

The latest, the GfK/NOP Consumer Confidence index, shows that consumer confidence has again fallen in July: the fifth consecutive month in which it has done so. In fact, the index is at its lowest reading since the worst of the recession hit in August 2009.
Bank of England head honcho, Mervyn King, doesn’t seem to be hugely concerned about the mistrust the public has regarding the banking sector.
He recently told a committee of MPs that the central bank will not be “applying the brakes”