Suggestion To Bankers: Try Showing You Care

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CHICAGO (WBBM) - Could a simple apology from bankers be enough to start restoring consumers' confidence and trust in the financial system?  Some academics think it'd be a good start. 

Bankers have to restore confidence and trust.  There's no disagreement about that.  But how to do it is the trillion-dollar question.

Daniel Diermeyer, professor of Regulation and Competitive Practice at Northwestern University's Kellogg School of Management, says there are a few key elements to restoring trust in a crisis situation: transparency, expertise and accountability.

"By far, the most important one is a sense of empathy and caring."

WBBM:  And these are not the kind of guys who typically show a lot of empathy.

"I would think that's a fair assessment," Diermeyer tells Newsradio 780.

That sense of empathy is currently what's missing, he says.

"Showing a sense of empathy and connection is really a critical piece."

Could a big "I'm sorry" from bankers, something akin to a group hug to the public, set things on the right path?

"Just an apology by itself at this point may not do that much. It has to be combined with real action. So there has to be a 'walk the walk' as well," Diermeyer says.

"I think it's really important that it's not just a lip service, so it's something that is clearly connected with a change of business practices." 

He says the excesses exposed by the current financial crisis are hitting people hard.  

"It evokes very, very strong emotions because the message that people receive is that these guys just don't care or they don't get it."

Diermeier says the bankers have to realize how much their business depends on trust.