In an interesting move today, some of the world’s largest banks are over-hauling the way they do their foreign exchange trading…and they are doing this overhaul quite publicly. Bloomberg has the report on Barclays Plc, Deutsche Bank, et. al., on how they are making quite a statement with the public regarding the handling of Foreign Exchange. This article led to an interesting thought about our own business practices and marketing strategies: How transparent are you? There is no doubt in my mind that transparency is not the issue here in this story…rather, it’s credibility. There has been an issue with Foreign Exchange and now the world’s largest banks want to put the minds of their clients at ease. In many ways, this is a desire to build relationship, reliability, and credibility by opening itself up to the issue and acknowledging a need for change. In our own business practices we ought to do the same. Moving towards a level of appropriate transparency with our client base will only serve to build a stronger, deeper bond with them. They will see the desire to be transparent and in turn, will foster a deeper bond of mutual respect and allegiance. Perhaps we should take a note from the world’s largest banks today and move a bit closer to transparency. As they see us, perhaps they will also see that they can rely on us even more. Build today for tomorrow is coming.
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