I look at this the other way; assaulting the bastions of banking is probably pretty difficult and could take years (though it might be a bit easier at the moment).
But if we can brainstorm/think of other ways to modify individuals behavior - to help them manage money better, avoid over spending etc. then the banks are a bit screwed and would have to adapt.
Actually better idea: we'll meet in the middle. :D
Why 'assault the bastions'? Why not just chip away at the edifice? A smaller bank with clear customer service pledges that rigidly controls costs through as much automation as possible. Keep most transactions online. No large physical locations with drive thrus and corresponding staffing...smaller loan centers with loan officers paid by some sort of commission structure based on loans given out and repayment rate.
Lean and mean...except when it comes to customers who will be treated with the dignity they were used to 25 years ago. Make money with the bank's core services instead of an abusive fee structure. Doesn't seem terribly outlandish to me.
Ah. I see where you are going. For a second I thought perhaps you were defending the practice as necessary :)
The average consumer is shockingly disorganized with their personal finances. Sites like Mint are a tremendous step in the right direction. Online banks are also emerging as "consumer-friendly" competition. For example, Schwab has one of the best deals out there right now -- free, interest-bearing checking, no overdraft fees, unlimited ATM surcharge rebates.
I think consumers want to understand but are overwhelmed. Perhaps an approach lies in expanding the 3rd party services market to continue to provide helpful tools to consumers.
But if we can brainstorm/think of other ways to modify individuals behavior - to help them manage money better, avoid over spending etc. then the banks are a bit screwed and would have to adapt.
Actually better idea: we'll meet in the middle. :D