More and more people are opening their eyes to the drawbacks of banking. The cats are out the bag, real wealth creators aren’t storing the bulk of their money in regular checking and savings accounts, so why should you?
With more people going out and educating themselves of alternative places to store their money due to the lack of trust in banks, the banking industry is having to make a huge pivot and create more “beneficial” offers for the consumers out there. However, are these offers beneficial to the public or will consumers see through the facade?
Reliability is key to ensuring continued success of this industry, yet the trust between consumers and banks has been altered along the way. Consumers have begun to notice that they have ultimately been screwed over by banks through low interest occurring accounts and ridiculously high interest rates on loans. The obvious solution would be for banks to offer higher interest rates on savings accounts and to allow consumers to refinance loans and other debts under more favorable terms and banks have said they are working on that. The most important thing to customers is working with a bank that is able to deliver the right product mix. It stands to reason then, that the most successful companies will supply the most attractive products and services to help customers with all sorts of financial situations.
One of the solutions companies are starting to implement to meet the needs and wants of their customers outside of traditional lending products are those found in retail stores and grocery stores such as the ability to provide cash advances. Many banks have made a series of baby steps to improve their abilities to succeed in this sector. Now, with continued consumer investments, companies that provide financial services will likely be able to achieve growth comparable with those of the past one-time generation. By collaborating with retailers, banks have disguised themselves and created a bridge to remain in consumers’ lives even without direct contact. It’s an inclusive trend that has been successful thus far.
Another way that banks have tried to get on the good side of consumers is by openly discouraging Biden’s plans to monitor individuals’ finances for tax purposes. While the banks are openly disagreeing with this practice in front of the public, don’t be fooled because it is something that they have cooperated with many times in the past and I am sure that they won’t hesitate to do it again. Despite their attempts to cover their political practices, banks are hot grounds for political activity. And the truth is, your financial information was never safe here. The banks were ok giving up your financial information in secrecy, but do not want to be tied to such an invasion of privacy publicly.
Lastly, banks are trying to cash in on the cryptocurrency trend. With more people moving their money from banks to crypto investing, banks have begun to heavily invest and back the crypto industry. It is no surprise that we will be seeing a drastic rise in crypto opportunities emerging within the banking system.
On one note, it can be looked at as a positive thing, giving more people the tools that they need to access crypto investment opportunities. On the other hand, you better believe these banking products will be designed to get over on you and leverage your investments for their own benefits. This is something that consumers should beware of
The banking industry is shifting with the times, so don’t be surprised by the various new forms that the industry will take on. Continue to educate yourself and learn real ways to economically empower yourself and others around you. Learn where to invest, spend and store your money for your own benefit and don’t be fooled by the facade. Take control of your own money and protect your economic power.