Quote:
Originally Posted by bitontheslide
old folks are a lot more clued up than is being implied here. The days of them queuing up for their pensions are long gone, cash machines have been around for many decades. People dont need to go to the bank now because its rare you need to speak to anyone in person. Banking decisions on loans etc are no longer made locally, so a local staffed bank is just not necessary
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I think part of the argument is that the older people like to go there for a bit of human interaction because they're lonely; but to me, if that's true, it's indicative of a much bigger problem? It's a very sad situation if the elderly are relying on shop staff for company because they're so lonely. I mean yes, customer service staff are going to be (mostly) friendly and will even get to know customers over time, but at the end of the day, it's a transaction not a real interaction. There has to be a better way of ensuring that the elderly have access to meaningful social interaction
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Also there is still SOME local aspect to loans; one of my friends works in a branch discussing loans with people and is authorized to give them out up to £25k, with a higher likelihood of acceptance than if you were to apply online (I suppose because, they can go into much more depth about what it's needed for, and also get a better idea of what the applicant is like). However, I would imagine it's not entirely in his hands and there are some "red flags" that would result in a "computer says no" situation (like CCJ's etc.)... however, it makes it far less reliant on the basic "credit score" system, because he actually sits and manually goes through the report with the applicant and they get the opportunity to explain more "minor" things that have wrecked the score - e.g. a few months of missed or late payments on several accounts due to an emergency situation, or a default that was unavoidable and explainable. Both can trash the "score" on an otherwise glowing credit report and will result in a flat "no" from automated applications.
However... for that sort of service, there's really no need for small town / village branches, and having a physical branch in more major population centers is fine in the UK. Realistically... in the UK you're never THAT far from a large town or city... and anyone who is looking for that sort of personal or business loan can travel to a branch. It's not "everyday banking".