I’ve been developing new products with financial services organisations – banks, building societies, insurance companies, credit card operators etc – for several decades. Nearly all the majors, both in Britain and internationally.
In my early days (by which I mean the 1970s), there seemed to be a rather strict regime, where risk assessment and legal issues would be dominant in our thinking.
But some time along the way (in the mid-eighties, I think), the gung-ho marketing folk seemed to get the upper hand, and the risk and legal people were pushed back, discounted, assuming a much less intrusive presence.
I wonder if others share this perception? How widespread did it become in the industry? Was this shift a factor in the recent financial meltdown?
And what is the situation now? Have the risk managers reasserted themselves?
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