BANKING INTRACTABILITY BY STEVE SYKES
Steve Sykes, 5 March 2020
It is very easy to bank-bash. We all like to do it.
Yet, all of us have known that it is a bank’s role to be conservative. That they deal in large amounts of money and therefore have “regulated” responsibilities to manage these funds conservatively.
We get that and can sort of understand it.
The banking Royal Commission however, has shown us that banks are not quite the conservative beings we thought they were. To the contrary, their behaviour has been aggressive and risk taking – but only for their profit. Their boss/es have been handed a very public dressing down as well as some huge fines and they have all been put on notice.
New rules / regulations / codes of practice have been introduced to ensure there can be no repeat performance of the poor practices.
So let’s put ourselves in the front line bank employee’s shoes for a minute.
Whatever upstairs wants, upstairs will get. No benefit of the doubt, no bending or stretching the rules, no matter how silly or inane they may be. Our gallant banking employee will have zero discretion and zero ability to use common sense to overcome ridiculous situations.
THE RESULT FOR YOU AND I
You guessed it – intractability – adj. 1. not easily dealt with. 2. stubborn.
Yes, my Oxford Mini Dictionary sums up the experience pretty-well.
WHAT DOES THIS MEAN?
It means that every time you hear about a banking misdemeanour in the media – then know that rules will be tightened, banking executives will feel even more threatened and the front-line banking employee will become that little less able to offer you a solution.
For us at SER, it simply means that we need to be very aware of your expectations. You will be familiar with a way of doing things, only to see them change ad nauseum, and without any rationale or benefit to you – the forgotten customer.
Never before, has it been more important for us to have six funding partners to choose from – as a means of lessening the impact of this intractability.
So hang in there. At present, there is not much choice. Yet as we all know, one person’s pain is someone else’s opportunity.
It is only a matter of time until this void is filled. My guess – around half way through this year!
Managing Director, S.E. Rentals
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