Project New Bank - A utopian idea?

Cheesedoodles

I'm surprised no one has brought this up on the forum (I did a search).

Former Chief Exec of Lloyds, Sir Brian Pitman is amongst and a host of senior people in the banking sector are in the process of starting a New type of bank..or rather go back to the old style of banking. Banks who are not doing high risks investments, foreign ventures etc. Friendly opening hours, friendly customer service and focus on the individual.

They aim to launch bids for a range of UK Banking assets, Northern Rock, Lloyds etc

So..Is this a utopian idea? Can it work or is it "just another bank" who will in the end operate in the same way as all the rest.

I open the floor for discussion....have a look at these links for more background info.


Sky News Video: http://news.sky.com/skynews/Home/Business/Lord-Levene-Tells-Jeff-Randall-New-Bank-Venture-Will-Live-Or-Die-On-Its-Ability-To-Deliver-Basics/Article/201007215664063?f=rss

Financial Times Article: http://www.ftadviser.com/FinancialAdviser/Advisers/News/article/20100715/949906ba-8da2-11df-81e1-00144f2af8e8/Project-New-Bank-puts-online-banking-high-in-its-list.jsp

Sceptic001

Cheesedoodles wrote: »

Banks who are not doing high risks investments, foreign ventures etc. Friendly opening hours, friendly customer service and focus on the individual

These used to be known as "mutuals" or "building societies". Unfortunately the few remaining mutuals seem as disinterested in customers (or "members" as they still quaintly call us) as the banks these days. I suppose fat salaries are far more alluring to the directors of these institutions than boring stuff like looking after the members.

premierfella

As per Sceptic001 re: mutuals.

Just an opinion but the only thing I think will be "new" about Project New Bank is likely to be the name.

IMO, the only way the utopian idea would come to fruition and survive as a profitable organisation would be to return to the old, "old style of banking" (i.e. fee-based current accounts as standard, much like our friends on the continent). Friendly customer service staff come at a price...

Catbag

Where do i sign up.....?

realaledrinker

Here:

http://www.goodwithmoney.co.uk/

:T

datostar

If your account is not properly conducted, you will be invited to call in and be questioned about your improvident habits. Remember to wear your court suit for the Manager's Interview. The old Midland Bank used to have them hiding in wardrobes to check on your bedroom activities.

Milarky

"http://www.goodwithmoney.co.uk/"

Hmm, were they the ones behind

"http://www.theymustthinki'mstupid.co.uk/" and

"http://www.here'sanotheronethatwasbornyesterday.co.uk/"?

gt94sss2

Cheesedoodles wrote: »

I'm surprised no one has brought this up on the forum (I did a search).

Former Chief Exec of Lloyds, Sir Brian Pitman is amongst and a host of senior people in the banking sector are in the process of starting a New type of bank..or rather go back to the old style of banking. Banks who are not doing high risks investments, foreign ventures etc. Friendly opening hours, friendly customer service and focus on the individual.

Isn't this the idea behind Metro Bank?

Regards
Sunil