Naked Banking
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Naked Banking
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From 'free' banking to bait and hook tactics, this new book highlights some of the unpleasant ... [+] activities of UK banks (Photo by Matt Cardy/Getty Images)
A new book, Naked Banking , from a group of UK bankers aims to shine a light on how banking really works and help readers to make more informed decisions about their finances.
Naked Banking is written by Paul Risborough, Stephen Hogg and Karolina Morys, all of whom hold or have held senior positions at Metro Bank, and runs the gamut from whether banking really is free to how banks are able to ‘bait’ customers into taking out certain products.
I caught up with Riseborough to find out more about their thoughts on the current state of the banking world and whether there is any cause for optimism.
One particularly interesting section of the book is about free banking - or rather, the perception that banking is free when really it is anything but.
Riseborough argued that ‘cross-subsidisation’ - where some customers pay or give up income from their banking in order to keep it free for everyone else - is inherently unfair, and suggested that the perception that banking is free is damaging, as it masks the true costs of providing banking services to customers. This can lead banks to try to recoup those costs from customers in ways that are not always transparent.
He added: “For us, a clear monthly bill could be a good idea, showing how much your banking costs and how much you are paying toward it. What we would say is moving away from no-upfront-fees banking would be very unpopular with many customers which is why no major bank has decided to do this yet.”
The authors are open about the bait and hook tactics employed by banks; in other words, how they tempt customers in with an attractive initial offer, and then over time reduce how attractive that offer is. A classic example is a savings account that pays a big rate of interest in the first year, after which it falls away to a mere pittance.
Regulators have repeatedly expressed concern about these tactics, but in truth not a lot has changed.
Riseborough pointed out that many big banks believe bait and hook tactics are simply part and parcel of how to attract customers, but that these methods undermine trust in banking and ensure that loyal customers are the ones who miss out.
He added that it is up to everyone to take a role in tackling these tactics: “Regulators need to be watchful, banks need to exercise self-restraint and compete on other bases than simply ‘tricksy pricing’, and customers need to be engaged and do their homework.”
The ‘game changer’ for switching banks
Levels of bank switching in the UK remain fairly underwhelming, despite the introduction of the seven-day switch. In Naked Banking, the authors suggest that account number portability - where you take your account number with you when you switch, much as you can when moving mobile phone - would be a game changer.
Riseborough said: “Account number portability – almost overnight – would put customers in control. The same sort code and account number for life, meaning that moving around is consequence free when it comes to regular payments going astray. The mobile phone market is a great example of where phone number portability drove greater switching between brands. The big banks tell us putting this into practice would cost billions and take a long time – which to our trained ears sounds like they know it would make a difference!”
Despite the many problems with the banking system in the UK, the book remains pleasingly optimistic about the future for banking and the services we enjoy from our banks.
Riseborough noted that the slew of challenger banks with differentiated models and exciting new digital technologies mean that the big banks are unlikely to have it all their own way in the next ten years.
He concluded: “ Big banks have relied on large numbers of existing customers staying put regardless of what they charge them or how well they serve them to make money. Those days are coming to an end - there is now much more choice and the digital technology available to make exercising that choice easier than ever before.”
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Naked Banking: The Truth About Banks and You Paperback – 5 Oct. 2017
by
Stephen Hogg
(Author),
Paul Riseborough
(Author)
3.7 out of 5 stars
8 ratings
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We all depend on banks. They help us save and they help us spend. Yet for many they represent everything that's wrong with the world of finance. Poor service, high fees, creaking IT infrastructure and a market controlled by just a few providers have combined in recent years to create a personal banking crisis every bit as severe as the global financial crisis. How have things got so bad? Why are banks unable to balance providing good customer service with making a profit? And what can we do to protect ourselves from the tricks banks play to part us with our hard-earned money? This ground-breaking book, written by three insiders, reveals why banks do the things they do. From designing products they know will rip customers off to cutting branches they know their customers rely on, they explain how many banks' failing business models force them to make the wrong choices again and again. They make a rallying call for us all to be better informed about how everyday banking products actually work and to be wary of the many tricks and techniques product managers devise to make money.
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Stephen Hogg is Director, Business Banking Propositions and Paul Riseborough is Chief Commercial Officer of Metro Bank, a leading "challenger" bank.
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Publisher
:
LID Publishing (5 Oct. 2017) Language
:
English Paperback
:
256 pages ISBN-10
:
191149838X ISBN-13
:
978-1911498384 Dimensions
:
12.7 x 3.05 x 19.56 cm
3.7 out of 5 stars
8 ratings
Top reviews
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Top reviews
I loved this book. It is astonishing just how cynical the banking industry is and this book uncovers the pretty awful practices that banks – deliberately – foist upon their customers. I have worked for companies where you try and win customer loyalty through driving better value for customers. Banks seem to do the opposite and develop strategies to salami slice value away from the most loyal customers and to use inertia to keep your custom. This book is call to customers to not put up with it any more. I for one will change my account the very next time this happens to me. I am grateful to the authors for that. The book is a really interesting read. They do a great job of simplifying complex issues and putting across an interesting narrative in a compelling way.
I thought this was a very good read. A comprehensive but accessible guide on how retail banking works and the challenges being faced by both the big banks but also the challenger banks - drawing on the authors experiences at Metro bank in the UK. It goes into some of the methods that banks use to promote/sell/offer products and how customers can get drawn in as well as discussing the changes that the banks have gone through over the last decade. It raises interesting questions about the appropriate level of regulation to ensure that customers are protected whilst also allowing a healthy level of competition and access for new entrants into the market. As well as some insight into the near future.
A very interesting book which covers the first principles of banking economics and then extends to explain how different financial products are created, sold and mis-sold to consumers. Useful on a number of levels whether you’re interested in how banks currently work, should work or just as a primer to protect yourself from the tricks they are likely to use to marginalise the great product you thought you’d signed up for. Useful as an educational text too. Personally, I think there is scope for a further version which provides a similar level of insight into business banking, but also perhaps an extension to a community or blogging site.
Really clear explanation of how banking works and how it can change - answers lots of questions those like me who didn't get much financial education have been too scared to ask for fear of looking stupid.
This book provides an intelligent take on what drives good people at banks to do things that are not in the interests of the customers they exist to serve. It's common understanding that the sector needs to change; the authors here provide an excellent and detailed explanation of why it went wrong, the ecosystem that prevents change, and what needs to happen to transform the industry. I would recommend this to anyone with an interest in retail banking, whether professional, academic or because you have had enough of how your bank treats you.
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