Ten years ago, the global financial crisis had a huge impact on business worldwide, and since then, recovery has been tremendously slow. Banks have played an important role to contribute to this recovery, but individuals are yet to refocus their attitude even after ten years.
Back in 2008, the major financial players managed to thwart the trust that individuals had in banks. Since then, they have done everything possible to win back their trust. However, the main change is determined by what is going on in the big banks, not in the consumers.
The big six managed to survive the crash. Some nearly crushed, and are still trying to get back their stability. Their customers are stuck in the limbo and are unaware of the best decision to make. However, certain things can be done by the banks to snap them up. These might include a change in attitude, regulations, expectations, and so on.
Who is to blame?
The six big banks must take the blame since they are the key financial players in the business world. Before the tragedy, customers were supposed to look out for tradition, heritage, and stability above any other thing, including customer service. Customers could put up with lengthy processes and slow computers since legacy was a huge, important thing during that time.
In the current time, there is a complete U-turn among banking customers. This has been inspired by the failure by the huge financial institutions alongside innovation in many other industries. Today, compared to other industries, the banking system is still stuck in the dark ages, and they are to blame. There is a need to boost how things are run, and convenience must be achieved as technology continues to advance. Somehow, the banking systems are loath to embrace it.
Do British Customers Trust their Banks?
According to polling done by a research and campaign group in 2016, 66% of Briton’s have completely lost trust in the banks. Also, 72% believe that banks should have been subjected to more severe penalties for contributing to the economic crisis that hit the region in 2008. Lastly, 63% of the entire population is afraid that the banks might cause a similar crisis in the future. Therefore, they are unsure what to do with their private pension.
Further polling conducted by the same group reveals that the distrust which Britons have in their banks ten years after their behaviour may lead to a global financial crisis.
When 2,250 adult Britons were asked, at least 66% reported that they don’t have trust in what the banks are doing. They claim that they survived slightly from the 2008 economic crisis and are afraid there might be a repeat of the same in the future. 20% said they trust what the banks are doing while 13% were not quite sure of their stand.
The Final Word
From the points above, it is accurate to conclude that even ten years, Britons still lack trust in their banks. It is believed that this will continue indefinitely, especially among the individuals who were affected directly by the situation.
Clinet Link : Moneyfarm.co.ukUpdated Date: 21 September 2019, 07:30