Thursday, 4 October 2012

Can we trust our banks?

Can businesses and consumers trust their bank when it comes to providing them with the best services at the best price?

I am not so sure! With an industry that has been tarnished by many scandals, negative headlines and endless reports of miss-selling, sometimes we are left wondering when we will see the end of this cloud of mistrust  and return to good old customer service driven firms who put their customers’ needs first.

I have been a customer with my bank for over 15 years with several bank accounts and services with them and have never been in the red. You would think with this background I would be referred to as a good customer, wouldn’t you?

Being a native French person, I also have a bank account in France, where I have to transfer funds from time to time, to avoid me carrying too much cash with me when going back home. I also have friends who run small businesses with an international clientele and with the majority of them being based in Europe.

For many years now, we have been paying a standard transfer fee which varies depending on the amount you are sending. So when we found out about the SEPA payment system (where transfer fees are waivered for Euro payments within the Euro transfer zone and within participating EU

countries and banks) we were over the moon, as we thought high transfer fees would become something of the past.

I was stunned when I called the international transfer department and was advised the fee would not be waived or reduced as it was standard and it was business as usual. Same result from my friends, who had greater hopes due to the businesses they are running and thought this would save them substantial amount of money going forward.

So I asked myself, when will the banks start passing some of their benefits to their customers? Why do we stick to the same bank if there are never any rewards to be reaped? Is it because we are so busy we can’t stop for a minute and shop around for a better bank, with better services which will reward us for being loyal customers?

Well, I have news for you! The Financial system is just about to be shaken up. For companies who have been following the market closely, be prepared for a revolution in our industry with the next generation of products that will change the face of banking.

If you don’t believe me, watch this space for next week’s blog post where we will keep you updated with more details on the imminent launch of our innovative product.

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