The Banking Industry is No Longer Old and Boring!

Banks. Old and boring. The oldest one that is still in existence is the one in Siena, Italy – since 1472. Old… and boring.

Despite all the images and difficulties in attracting younger people to bank their money, the banking industry remains as the cornerstone of the economy: Banks facilitate smallish or biggish transactions; banks provide liquidity, as well as managing risks for you (how hiding your money under your pillow sounds?); banks provide financial information for both businesses and individuals. And in the past few years, things are becoming more interesting when it comes to banking. How so?

photo credit: 401(K) 2013 via photopin cc

There is a rising competition in the industry! Competition means a good thing for customers. For banks, competition means “change or die” – which is still a good thing – they are pushed to adapt to the new technologies in telecommunication and finance. No longer serving local community, banks can now reach out to the world – thanks to the Internet. With wireless technology, you can eve do transaction on the go; you don’t need to go to the bank to do transaction.

Due to the technologies used, it’s now possible for banks – even the smallest ones – to attract young customers. Just take a look at UBank, as an example.

UBank is an Australian bank backed by NAB that make a great use of technologies to serve customers. They claim everything to be simpler and valuable, with a focus on people – this time for real: Their selling point is the ability for customers to do online banking, with 24/7 phone support. Full attention to customers will be given because of the size – UBank has no branch; the benefits: Better rates for customers due to the lower costs.

Looking at their website, we can tell that UBank is serious in making things simple for customers, especially younger ones: Their website is vibrant, attractive – in the Web 2.0 style.

Focus on people – UBank does this by embracing the social media very well: You can find them on Twitter, Facebook, Google+, YouTube, Flickr and FriendFeed. If you look closely at their updates, you can tell that they are very sociable.

UBank’s social responsibility campaign also worth-mentioning: They partnered with Cerebral Palsy Alliance to support the cause – and the response was amazing.

Banks are no longer old and boring!

So, you see, there are smaller, more agile banks that will practically do everything to win your business: As a customer, you might not get the sense of security given by big names, but hey, what’s in the (big) names? Big banks closed down; and customers are put in a limbo.

Why don’t you consider smaller, often more stylish bank that understand your needs better and treat you better like a human (yes, some banks treat us like entities with fund to collect to be lent to others, in exchange for an uninteresting interest rate!)

So, will you bank or not to bank?

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