What is the primary goal of consumer protection in banking?

The primary goal of consumer protection in banking is to ensure fair treatment of banking customers. This involves creating regulations and guidelines that promote transparency, equity, and accountability among financial institutions. Fair treatment encompasses a range of practices, such as safeguarding customer information, providing clear and accurate information about financial products, and ensuring that customers are not subjected to predatory lending practices or discrimination.

By enforcing consumer protection standards, authorities seek to empower consumers, enabling them to make informed decisions regarding their finances and enhancing their confidence in the banking system. This goal ultimately contributes to a more stable and trustworthy financial environment, where consumers feel secure and valued.

The other options, while relevant to various aspects of the banking industry, do not represent the primary focus of consumer protection. For instance, increasing the bank's profitability may occur as a result of effective consumer protection, but it is not the main aim. Similarly, expanding banking services to underserved populations and enhancing technology in financial services pertain to broader market accessibility and innovation but do not specifically address the ethical and fair treatment of customers in their banking experiences.