Loans and Finance

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News and information about loans, money, debt, finance and business issues.

Monday, July 07, 2014

BBA Peddles a Myth

Anthony Browne, chief executive of the British Bankers Association (BBA), has stated that “branch numbers will continue to fall” and that those who call for a return to branch banking are “out of kilter with what millions of customers want”.

He is quoted in the Telegraph:
The way we bank now is far easier and faster.
The reality is that pushing customers towards online banking only will benefit the banks' bottom lines. However, when something goes wrong or a customer actually needs to speak to a human being, Browne's vision of the future is that we will be forced to use hopeless and hapless call centres to resolve our problems.

Additionally, the loss of the personal relationship with a bank manager means that customers seeking loans and mortgages are left in the hands of faceless credit ratings agencies and the banks' computers and risk algorithms for the outcome of the loan decision.

In short, the customer is screwed!

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