Across the globe, consumers are feeling the rising pressures from high inflation, hiked interest rates, and a skyrocketing cost of living.

On the one hand, high interest rates can benefit retail banks by bringing in greater revenues during times of high inflation. However, this ultimately works against the best interests of consumers, leading to a drop in consumer spending, customer loyalty, and — ultimately — retail banking profitability.

For retail banks to address the rising concerns over inflation, it is crucial to place special emphasis on the needs of the consumer rather than the business.

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