I have to admit being just a little cynical when it comes to 'insiders' and 'informants', but this story rather makes sense in the grand scheme of things.
It also presents an opportunity to think about the future of Banking. Branch closures and job losses are very sad and unfortunate for those affected, especially when portrayed as a consequence of 'mismanaged' banks taking the opportunity to trim their organisations. Closing branches and laying off staff has an enormous negative impact, not just on the staff and their families, but also on many others - the cleaners of the branches, provisioners and maintenance contractors, but also customers who may no longer have the facility available locally.
However, banking has to evolve and as the twenty first century approaches its first double digit year, all sorts of forces are acting to make those changes happen. Not only the Banks management teams, regulators and Governments, but customers have an opportunity to ring the bells of change.
Branch closures are an inevitable consequence of progress as what was once a strictly face-to-face relationship between bank and customer, is replaced by customer to screen relationships. I certainly feel that for my generation, who have had to adopt technology, unlike later generations who have been born into it, I have happily traded my relationship from 'in person' to 'online'. The freedom internet banking allows is vastly more efficient and fulfilling than having to make time to go to a branch, stand in a queue and do what I need to do, with bits of paper, pens, books and someone not particularly interested in helping me achieve what I want to do.
Would I choose an online bank over a traditional one? Yes, I already have. It has to be the future for this industry, whether it happens as a consequence of the credit crunch or later.
No comments:
Post a Comment