Old Skool Banking - Potential Business Opportunity?

ESKIMO

Ok, just out of pure curiousity, how many of you are fed up with the current level of service (or pure lack of it) that you are (or are not) receiving from your bank or building society?

Back in the day banking 'actually' used to 'mean' something. It was very personal and involved a vast amount of trust and responsibility.

I am talking about the 'old skool' times.

My interest was recently aroused by watching Mary Poppins - (of all children's films) and i was reminded about the old school way of banking. In particular banking with that 'personal touch'. The thought of 'Mr. Banks' making such a big deal out of a 'tuppence' literally put a whole new meaning to 'every penny counts'. Despite whether that was down the obvious pure greed philosopy that little Michael and Jane's money was better off in the bank rather than buying bread to feed the pigeons remains undecided. I know which one i would have got more satisfaction out of.

Now, we are in modern times where you are looked at as less of a 'customer' and more of a 'generic balance number'.

With the likes of NatWest having promoted their 'dedicated customer charter' which is designed to 'bring back' that old skool philosophy of banking ie 'going the extra mile', it occured to me; is there a unique opportunity here of going that one step further and generating and developing a brand-spanking new old-fashioned bank that cares more about you and your personal needs rather than the size of your bank balance?

Any and all answers and ideas on a postcard please.

As a 'poll' to see how many would be 'infavour' (FOR) or 'opposed' (AGAINST) please start your reply to this post with either; 'FOR' or 'AGAINST'.

I will review and update results of the poll with all the relevant statistics for your perusal.

Please include any concepts, ideas and experiences you may have had in the past or present ie things that have made you smile like knicking a handfull of the Foxes Glacier Mints you used to get in RBS or a nice firm welcome handshake or being offered a cup of tea or coffee and biscuits etc.

I think that we are maybe too shy as a nation to really talk openly about our future aspirations and dreams. The americans seem to have this sussed down to a 't' and i think it's a real shame that we can't be more open about things that affect us on a day to day basis.

Kind regards.

Eskimo.

P.S. Please complete poll.

ses6jwg

Not being able to get a loan for working capital for your business because your Daddy didn't go to the same gentleman's club as the bank manager?

Cleaver

I probably go in to my bank and speak to someone about once every couple of years. I'm sure that there are people out there who require customer service from their bank, but I'm not really that bothered.

ESKIMO

ses6jwg wrote: »

Not being able to get a loan for working capital for your business because your Daddy didn't go to the same gentleman's club as the bank manager?

Reminds me of the 'old boys club'. It's not what you know, it's WHO you know that counts.

middlepuss

Whenever I go in to my bank and need to talk to someone they are very nice and very friendly. So far so good.

The trouble is they then, in their very friendly way, try to persuade me to open an account for which I have to pay (free travel insurance blah, blah, blah) which I politely decline. Then they try to get me to invest in their rubbish bonds (eg 80% of market gains and no dividends - how do they have the nerve to foist such rubbish products on their more naive customers?).

So I think most folks are better off without this pressure salesmanship from their friendly bank staff.

rb10

ESKIMO wrote: »

With the likes of NatWest having promoted their 'dedicated customer charter' which is designed to 'bring back' that old skool philosophy of banking ie 'going the extra mile'

You do realise that this is little more than a marketing gimmick?

Errata

Banks farm customers for profit. Customers are a cash crop, nothing more.

alanq

As I recall up until the early 1970s bank charges were not advertised and were a matter for negotiation between the customer and manager. After free student banking, my first current account was with the TSB because at least the charges for transactions were clear. (I also recall my first cheque guarantee card for £30 being a typewritten piece of cardboard in a plastic wallet.)

I don't want to return to the "good old days". I just want staff who know what to do, do it correctly and put rare mistakes right quickly.

Folks now think that they are hard done by with current accounts that are free for basic transactions and savings accounts paying less than inflation. In the distant past one had to pay for basic transactions and interest rates were way below inflation and BoE base rate. Some people might like a personal service but I doubt that they would be willing to pay for it.

slopemaster

We did get some (rather manky, out of a machine) teas and coffee when opening lloyds-TSB accounts recently, but no biscuits.
Actually I HATED it when our French bank did this, proper drinks in proper cups etc, and then the regional manager 'dropped in' casually to talk to us - all because a large sum of money had appeared in our account which they were hoping we would invest in their crappy products. It was so creepy!
Once they found out we were transferring it out, they went back to their usual abysmal standard of service!

ESKIMO

rb10 wrote: »

You do realise that this is little more than a marketing gimmick?

I totally agree with you, however, it is under the illusion that they 'actually care' when in actual fact they are preying on the 'good faith' that people have in 'businesses that care' and the old skool customer 'service with a smile.'

ESKIMO

Errata wrote: »

Banks farm customers for profit. Customers are a cash crop, nothing more.

True but it doesn't mean it's right. For example take the game of football for instance, no doubt started off with someone kicking a couple of old rolled up socks about the place. Eventually developed into a larger sized ball of varying different materials - eventually leather.

Other people soon 'cottoned' onto this and liked what they saw - joined the bandwagon, if you will.

Grows in popularity - to the stage that many people are now participating and becomes a game outright with 'rules' (fair for all blah, blah, blah).

Grows even steadier, now with increasing competition the game is developing.

Popularity grows into a cult fashion/status. - That this is the 'next new thing'.

Eventually 'clubs' are born and founded. - Game evolves from jumpers as goalposts to say actual fence posts.

Grows more and more until some clever sausage decides that they can make money out of it charging say 'rent' for using land for a pitch. Now we have a business.

Still grows in popularity that competitions are set up - betting commences. The best side wins.

Continues to evolve so much so that other revenue streams are saught, tickets, sponsorship, food and beverage (as small communities revolve around the game).

Nowadays we have football 'clubs' that are purely run as international 'brands' or businesses with the sole intention of making money. Thus in doing so they have completely lost touch with the essence of the game - which was purely for fun. - Similar to what we now have with the banks.

What they fail to remember is the simple fact of supply and demand or technically speaking, demand and supply.

Imagine what whould happen if say all of RBS's customers withdrew their hard-earned savings. The bank would 'technically' collapse as it would no longer have any capital (you would think). However, banks are proping each and one another up, moving money offshore, onshore, over to the middle and far east, into Liberia, Sardinia, Switzerland, Belieze and back over to the middle and far east again. Literally doing nothing more than 'playing' with the numbers and in the process speculating profit growth - that is what really causes inflation.