April 25, 2024

Banks should stop pretending they care about us

Town centre bank branches are now a “nice to have” rather than a service we can expect. But with every closure our towns become a little bit less busy while more poor-quality chain stores crop up to fill the void.

If no one invests in our town centres we might as well all shop on Amazon and bank online.

The reason the big banks get away with what they do is because the inertia to change providers is so great. Customers seem blindly loyal to their bank despite being so treated badly.

Yet switching your current account is so very easy to do, and those unhappy with their bank should vote with their feet. Banks need our money, but they don’t care about us – they are loyal only to their bottom line and their shareholders.

This is fine, it’s the way businesses should be run. I just wish banks would give up the pretence of caring for the community. We aren’t that stupid.


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