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Michael Furdyk
Joined: Aug 12, 2000
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Province/State: Ontario
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The Future of Banking
May 11, 2002 - 12:24 PM
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I'm speaking next week at a conference to a group of people in the banking industry, and I would really like to give them some insight on:
1) What types of demands our generation is placing on financial institutions today and will they place on them tommorow?
2) What needs do we have right now that aren't being met? What opportunities to work with young people are banks and financial institutions missing?
3) How can banks engage young people using mediums that they are confortable with? How do banks need to work with us to better serve our needs?
4) Have you had an extremely positive or negative experience with your bank? Share it! 
I don't want to bias this discussion too much with my own views and opinions, so I'll keep quiet until later If you're responding from outside of North America, please explain a bit about your country's financial system -- do you have a lot of banks? here in Canada, we only have a few major ones, and then many "credit unions". In the US I know it's much easier to form a bank.
Please let me know if you'd rather your comments be kept anonymous, otherwise I will use your name!
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Terri Willard
Joined: Jul 27, 2001
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Province/State: Manitoba
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Sustainable Development Vision
May 12, 2002 - 06:02 AM
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It might be useful to mention the increasing demand by young people for banks to operate within a sustainable development framework in determining how to invest its assets.
More details on what banks should consider at http://unepfi.net/fii/index.htm
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Alexandra Govere
Joined: Nov 4, 2001
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Banks
May 12, 2002 - 08:57 AM
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I would like to see banks give samll loans that are easy to pay off and do not accumulate a lot of interest. Like to buy a computer, sewing machine or something like that so one could start or maitain a project or business. I think this would be really important in developing countries because our parents may be living at the subsitance level and unable to help us. The loans could be available in all countries to youths who come from families with limited income.
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Martin Kuplens-Ewart
Joined: Sep 29, 2000
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Hmm
May 12, 2002 - 09:34 AM
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One of the primary problems with banks is their focus. They have grown beyond the initial idea of keeping our valuables safe, to becoming merely machines for making money.
Banks need to increase the interest they pay on deposits, and pay interest even on small balances. They need to cut the interest rates they charge on things like credit cards.
Banks need to help their customers truly figure out what's right for them, not from which of 5 approximate categories of clients you least differ.
In Canada, people are reluctant to leave a bank, because they are all pretty much identical - that's also the reason they refuse to change - no-one leaves them.
The existing banks cannot make a difference in the way we bank. They are too big, have too much riding on the old, broken ways.
ING Direct Bank tried to enter the Canadian banking market, to significantly change the way Canadians bank - but they failed to have an impact on the way things are done. I believe that this is because they attempted to look the way the incumbents do - the dutch man. Ultimately, this approach probably hurt their ability to be fresh and make waves.
So to summarise: the old banks cannot change the way we bank. A new entity would need to make an entry into the market, but would have to be careful to distance itself entirely from the old school of thought, with a fully customer-centric worldview and people willing to nurture their clients.
I hope that helps.
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Mike
Joined: Aug 31, 2001
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Province/State: Western Australia
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quesiton
May 13, 2002 - 05:38 AM
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quote: half the people i know have no idea what RESPs are.
And im one of them.
Do tell more.
- - -
Pred.
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Terri Willard
Joined: Jul 27, 2001
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Fianncial planning courses
May 13, 2002 - 10:23 AM
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No one these days seems to have the responsibility to offer financial maangement courses to young people and parents in N. America definitely don't seem to be doing it informally at home any more. A friend of mine was shocked yesterday to hear that my dad used to make my sister and I enter our allowance (from chores) into a budget sheet on a weekly basis from the time we were 6 years old.
I almost get the feeling that banks and credit card companies take pleasure out of hooking students in with credit cards that they end up paying 17% interest on. Result = massive debt by young people. See http://www.csmonitor.com/2002/0513/p17s01-wmpi.html
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Jarra McGrath
Joined: Oct 27, 2000
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Mnau
May 13, 2002 - 12:15 PM
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Well. the last time I really took an active interest in my banking was in 2nd grade when the Commonwealth Bank of Australia encouraged us kiddies to open savings accounts at our local branch. Each week, our "economics class" homework was to bring in and deposit small change in our "cheque" pockets, the contents of which were deposited at our branch once a month. I quite sincerely remember with fondness, bringing a shiny 2 dollar coin to school to place in my yellow cheqye pocket...
What was that?
My first encounter with accumulation? Accumulation that is a direct result of a personal interaction with a service... Interaction with an institution?... Personal growth at my command?...
Since then... thinking about the word "bank" reminds me of seconds spent withdrawing cash from a TD ATM or standing in line for hours, feeling uncomfortable, worried and stressed while I wait to deposit an amount or cash a cheque.
I guess I haven't had a very close relationship with the bank over the last few years of my life, I haven't had the opportunity. As a result I haven't thought much about the questions asked in this thread, but now thinking about it, given the current state of affairs, a close relationship is probably not a prerequisite in commenting...
So for me...
Make me a kid again... make me fondly remember yesterday, when I visited my friendly bank staff... deposited my gold coin...
Or stop pretending that Banking is a service.
I'm not interacting with my friendly bank manager on any level... Is it impossible to interact with such leviathan institutions?... Instead i feel like I'm part of a process.
Don't give me an ATM then expect me to wait happily in line for half an hour while... (I wont comment or criticise staffing procedure or ability because I don't understand the intricate nature of banking operations)... I'll just say that...
Deposits are the opposite of Withdrawals... find a technology solution? or...
Start serving me and stop processing me.
It would be nice to know that you actually want ME to make money... or at least... be really fooled into believing it is not about the Bank profits.
Try harder. Either way.
I guess the bank is one personal frontend for an economy that isnt exactly user friendly...
Feeling pretty helpless.
Want to bring me something new?
Don't bring better service, faster and more effecient processing isn't better service, at least be honest about it (hey i may even be okay with the idea of your valued institution being "just a process" - id rather bank online anyway...).
Don't bring added benefits, cheap thrills, lower prices...
DON'T bring me colourful mascots and DON'T tell me you care...
We both know you can't afford to care...
At least in a way that really matters.
Want to bring me something new?... Don't bring me a bank.
. . .
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