The document summarizes findings from market research on consumer attitudes towards financial institutions since the 2008 crisis. It discusses how consumers have become angrier at banks, blaming them for rising personal debt levels and feeling banks acted without apology. Consumers feel bankers live in a "parallel universe" and are unfairly rewarded with high pay despite failure. The research also finds consumers now feel they must take personal financial planning more seriously due to uncertainty in pensions and savings.
The document discusses how the recession has impacted consumer spending habits and how consumers will pay for goods going forward. It notes that consumers are deleveraging and taking on less debt due to job losses and stagnant wages. While credit card usage fueled spending for decades, consumers will now likely shift to debit cards and alternative payment methods. This change creates opportunities for new payment companies and technologies to fill the gap left by reduced credit availability and help consumers continue to purchase goods and services.
Blog posts on trust in financial servicesstylishsam
The document contains blog posts written by Samantha Wilding on the topic of trust in financial services between 2013-2014. The posts discuss issues facing the Co-operative Bank including a £1.5 billion shortfall, questions around whether its unique ethical values will survive changes to its ownership structure, and declining consumer trust in the banking sector overall from 90% in 1983 to just 20% by recent surveys. New entrants like TSB and Metro Bank aim to refocus on customer service and local banking models to help rebuild trust.
The Utah Supreme Court adopted the concept of warranty of habitability for rental properties, allowing tenants to withhold rent to motivate landlords to make repairs. The court ruled that tenants may recover damages from health and safety issues caused by landlords breaching this warranty. A survey found that uncertain economic conditions are slowing growth of variable pay programs for non-executive employees, and companies expect smaller salary increases for 2022. Toy Liquidators, a division of Value Merchants, plans to open a $70 million factory outlet store at Park City Outlet Mall to take advantage of Utah's strong housing market and job growth.
This document provides a summary of the Winter 1997-1998 issue of 2600 Magazine. It lists the editor-in-chief, layout designer, cover designer, office manager, and writers who contributed to the issue. The main articles discussed include remembering the future in relation to the Kevin Mitnick case, ideas for using a backhoe, information on the Medical Information Bureau, ways to have fun with 800 numbers, basics and shortcomings of TCP/IP, concerns about the GETS system, potential of mobile speedpass technology, telco/government cooperation, how to have an online presence on Geocities, the phone system in Argentina, hacking virtual pets, letters to readers, spying on Yahoo, hacking your mind, cracking your nog
With neighboring everyone complaining almost reliability card bills they can no longer payment and mortgages they under no circumstances should experience captivated out of the closet in the first locate, it was reasonable a affair of culture before the accountability consolidation effort took hold of the appetent’s imagination.
Please also find attached our Real Estate Supplement. In it you will read about how issuance of bonds backed by commercial properties is on track to beat last year's supply and yield premiums for bonds backed by commercial property loans have narrowed. Also, Jefferies CMBS veteran Lisa Pendergast says she expects CMBS spreads to narrow by year end, while Fannie Mae economists Douglas Duncan and Patrick Simmons argue that a slowdown in the growth of the labor force suggests more modest prospects for the demand for new housing and construction. Emile J. Brinkmann, the chief economist of the Mortgage Bankers Association of America, probes how state regulations will affect the pace of foreclosures and delinquencies. Nicolas Retsinas of Harvard’s Joint Center for Housing has some advice for lawmakers on GSE reform and Donald Trump offers a characteristically confident view that the recovery in real estate. If you have any comments or feedback for future real estate issues please contact arozens@bloomberg.net.
Dorado Industries TrendWatch Payments Industry Review Q4 2013Dorado Industries
The document discusses a consultation paper from the Federal Reserve on improving the US payments system. It provides random thoughts in response to the consultation paper. It questions the Fed's motives for wanting to move the US banking system to near-real-time payments and play an operational role, suggesting it may be due to being rebuffed by banks on same-day settlement or being put in a bad light by faster payments programs in other countries. It argues alternative payment systems are designed to avoid legacy systems supported by the Fed and that the cost of international transfers is due to user-imposed rules, not lack of technology. It suggests a new system run by the Fed could ban new forms of currency or transactions.
The document discusses how the recession has impacted consumer spending habits and how consumers will pay for goods going forward. It notes that consumers are deleveraging and taking on less debt due to job losses and stagnant wages. While credit card usage fueled spending for decades, consumers will now likely shift to debit cards and alternative payment methods. This change creates opportunities for new payment companies and technologies to fill the gap left by reduced credit availability and help consumers continue to purchase goods and services.
Blog posts on trust in financial servicesstylishsam
The document contains blog posts written by Samantha Wilding on the topic of trust in financial services between 2013-2014. The posts discuss issues facing the Co-operative Bank including a £1.5 billion shortfall, questions around whether its unique ethical values will survive changes to its ownership structure, and declining consumer trust in the banking sector overall from 90% in 1983 to just 20% by recent surveys. New entrants like TSB and Metro Bank aim to refocus on customer service and local banking models to help rebuild trust.
The Utah Supreme Court adopted the concept of warranty of habitability for rental properties, allowing tenants to withhold rent to motivate landlords to make repairs. The court ruled that tenants may recover damages from health and safety issues caused by landlords breaching this warranty. A survey found that uncertain economic conditions are slowing growth of variable pay programs for non-executive employees, and companies expect smaller salary increases for 2022. Toy Liquidators, a division of Value Merchants, plans to open a $70 million factory outlet store at Park City Outlet Mall to take advantage of Utah's strong housing market and job growth.
This document provides a summary of the Winter 1997-1998 issue of 2600 Magazine. It lists the editor-in-chief, layout designer, cover designer, office manager, and writers who contributed to the issue. The main articles discussed include remembering the future in relation to the Kevin Mitnick case, ideas for using a backhoe, information on the Medical Information Bureau, ways to have fun with 800 numbers, basics and shortcomings of TCP/IP, concerns about the GETS system, potential of mobile speedpass technology, telco/government cooperation, how to have an online presence on Geocities, the phone system in Argentina, hacking virtual pets, letters to readers, spying on Yahoo, hacking your mind, cracking your nog
With neighboring everyone complaining almost reliability card bills they can no longer payment and mortgages they under no circumstances should experience captivated out of the closet in the first locate, it was reasonable a affair of culture before the accountability consolidation effort took hold of the appetent’s imagination.
Please also find attached our Real Estate Supplement. In it you will read about how issuance of bonds backed by commercial properties is on track to beat last year's supply and yield premiums for bonds backed by commercial property loans have narrowed. Also, Jefferies CMBS veteran Lisa Pendergast says she expects CMBS spreads to narrow by year end, while Fannie Mae economists Douglas Duncan and Patrick Simmons argue that a slowdown in the growth of the labor force suggests more modest prospects for the demand for new housing and construction. Emile J. Brinkmann, the chief economist of the Mortgage Bankers Association of America, probes how state regulations will affect the pace of foreclosures and delinquencies. Nicolas Retsinas of Harvard’s Joint Center for Housing has some advice for lawmakers on GSE reform and Donald Trump offers a characteristically confident view that the recovery in real estate. If you have any comments or feedback for future real estate issues please contact arozens@bloomberg.net.
Dorado Industries TrendWatch Payments Industry Review Q4 2013Dorado Industries
The document discusses a consultation paper from the Federal Reserve on improving the US payments system. It provides random thoughts in response to the consultation paper. It questions the Fed's motives for wanting to move the US banking system to near-real-time payments and play an operational role, suggesting it may be due to being rebuffed by banks on same-day settlement or being put in a bad light by faster payments programs in other countries. It argues alternative payment systems are designed to avoid legacy systems supported by the Fed and that the cost of international transfers is due to user-imposed rules, not lack of technology. It suggests a new system run by the Fed could ban new forms of currency or transactions.
The document discusses issues with the global banking system including securitization practices that contributed to the global financial crisis. It then focuses on how these practices, like fractional reserve banking and securitization, operate in South Africa and raises legal questions about their implications. Banks were unwilling or unable to provide clear answers about securitization processes and their effects on consumers' loans and rights. Regulators are investigating but have not released details. Understanding how the financial system works is important for consumers to avoid vulnerability to abusive practices.
ICSC Panel Members - Financing in Today’s Market Current Underwriting and the...Nicholas Maloof
The document is a panel discussion on current financing availability and underwriting for commercial real estate, especially retail properties. It contains responses from several panelists who are commercial lenders. They discuss:
- Credit remains available from banks, life insurance companies, and CMBS lenders, though terms vary between property types and quality. Retail financing can be tighter than other sectors.
- They are providing financing for a variety of retail property types including single tenant, multi-tenant, mixed-use. Grocery anchored centers are common.
- Loan-to-value ratios and equity requirements vary between lenders, but many will finance up to 75-80% LTV. Life insurers typically
This document summarizes an investment outlook letter written by Bill Gross of PIMCO. The letter discusses how central banks and governments use "haircuts" as a hidden way to reduce debt levels and transfer wealth. It identifies four main types of haircuts: (1) negative real interest rates, (2) inflation/currency devaluation, (3) capital controls, and (4) outright default. While assets may appear to be "money good," the letter argues they are not truly "good money" due to these haircuts reducing purchasing power over time. It recommends gradually reducing risk in portfolios in 2013 to avoid excessive haircuts.
Mortgage closing costs have increased for the second year in a row, averaging $2,539 for a $200,000 loan. Stricter federal regulations like the Qualified Mortgage rule have added time and costs to the lending process, which are passed on to consumers. Rising closing costs disproportionately impact first-time and young homebuyers due to other financial barriers like student loan debt.
PNC Bank asked the agency to design a credit card that would earn them money and fit their brand identity. The agency analyzed PNC's brand and learned they are the 4th largest bank in the US with a moderate risk profile. PNC was expanding into a new target market of younger consumers through their Virtual Wallet savings service. The agency proposed a credit card that offered 1% cash back on all purchases to be deposited directly into the user's savings account each month. This card was designed to help first-time consumers save rather than incur debt.
- Detroit won a commitment from Barclays for $275 million in financing to fund its exit from bankruptcy, if a judge approves its debt-cutting plans.
- The money from Barclays would pay off previous borrowing, creditors, and help revitalize the city.
- Detroit filed for bankruptcy unable to provide services and meet financial obligations due to decades of economic and population decline. It has since cut deals to reduce its $18 billion in liabilities.
This document discusses the high interest rates paid by poor consumers in the US. It summarizes that:
1) Poor consumers often lack bank accounts and access to mainstream credit, so they rely on fringe lenders like pawn shops, rent-to-own stores, and payday lenders.
2) These fringe lenders charge extremely high interest rates, from 100-300% annually for things like pawn shop loans and title loans, and up to 3000% for payday loans.
3) Despite biblical prohibitions on usury (lending with interest), modern attitudes accept interest as normal, yet ironically the poor still pay the highest rates.
The document discusses the changing role of banks due to financial innovations and deregulation. It makes two key points:
1) Statement A describes banks' original role of accepting deposits and providing loans, but Statement B argues this has changed with new financial products and varying regulations between countries.
2) While banks still facilitate deposits and loans, their activities have expanded through off-balance sheet transactions and fees to compensate for lost business to new financial innovations. However, their core economic function of enabling growth through lending remains intact.
1) GE Capital Retail Finance supports retailers' strategies of driving sales and managing credit costs through an integrated point-of-sale application offering private label and co-branded credit cards with instant credit. Discover understands and supports this flexible approach.
2) GE measures acquisition success through metrics like new accounts, approval rates, and same-day activation, but ultimately through helping retailers increase sales and credit penetration.
3) Maintaining customer acquisitions requires a compelling consumer value proposition and close alignment between GE and retail partners on mutual goals like in-store marketing and sales associate support.
Everyone must have heard numerous rumours about the payday loan industry and how it tries to trap the borrowers in a cycle of debt. These rumours and myths have created a negative image of payday loans in most people’s minds. There is a need to dispel some of these myths to help people realize that payday loans can prove to be an excellent financial support in emergency situations.
We are busting some of the most popular and most heard myths about payday loans.
- Owner-occupiers may face small increases in home loan interest rates of 0.25-0.3% over the next 6-12 months as banks are expected to start raising rates. This could mean an extra $86-171 per month in repayments for borrowers.
- There is debate among analysts over whether rates will rise or fall further. Some believe rates need to rise to sustain bank profits, while others think competition and a weak economy could lead to more cuts.
- Tougher lending standards for property investors recently introduced by banks are causing delays in processing home loan applications for both investors and owner-occupiers switching lenders.
What is a payday loan and why should you care.
Originally made for students in the UK, the lessons around personal finance, money management and the price of credit are universal.
Credit cards have become a large part of the US economy, with most Americans using credit cards regularly to pay for expenses and luxuries. While credit cards can stimulate economic activity through consumer spending, the extremely high interest rates charged by credit card companies place a large burden on customers. There is evidence that a lack of regulation in the credit card market has led to an inefficient concentration of capital among the largest credit card issuers, who are mostly large national banks. Placing a legal limit on credit card interest rates could help curb the excesses, but traditional economic arguments claim this may reduce credit availability. The credit card market remains dominated by banks issuing cards through the Visa and Mastercard networks.
Bank innovation - PwC Study on When the Growing Gets Tough: How Retail Banks ...Jeff Grill
As the United States emerges from the financial crisis, retail banks are striving to outperform their competitors while grappling with unprecedented regulatory challenges and shifts in consumer behavior. For more information see http://www.pwc.com/us/en/financial-services/publications/viewpoints/viewpoint-when-the-growing-gets-tough.jhtml
Credit cards seem convenient but often lead to excessive debt. While they allow purchasing items without immediate payment, users may end up incurring huge interest fees by only making minimum payments. Multiple cards can further exacerbate debt issues. Studies show credit card debt reduces household spending growth. Banks and card companies benefit most from user interest payments and fees. Debit cards provide a suitable alternative for transactions without the risks of credit cards.
The newsletter discusses the credit union's mission of encouraging savings over loans and affordable credit. It highlights recent research showing that a third of UK adults could not afford a £300 emergency and explains new savings account types. It also details competitions and schemes to help employers and independent businesses.
Fife & cesta's official and complete bankruptcy survival guidefifecesta
The Law Offices Of Fife & Cesta, PLC is a Mesa, Arizona bankruptcy law firm that provides bankruptcy services to clients around Arizona.
They have issued this over 60 page guide to getting through bankruptcy as a service for their bankruptcy clients and for anyone examining the options offered by filing for debt relief under the federal Bankruptcy code.
This document summarizes a speech given at the Consumers International World Congress in November 2007. The speech discusses the growth of consumer credit and borrowing globally over the past 40+ years since the movie "Live Now, Pay Later" warned of the dangers of credit. While most consumers are able to borrow and repay wisely, an estimated 7% face financial distress. The speech argues that lenders, particularly credit card companies, need to improve practices that have damaged consumers and invites regulatory intervention. Education has limitations and regulation should focus on bad industry practices rather than overregulating.
Our primary research reveals where financial services providers should focus their innovation to build healthy customer relationships in a digital future.
According to the document, companies are evaluated and judged by customers in remarkably similar ways to how people evaluate and judge other individuals. Our perceptions of companies are driven by spontaneous judgments of their warmth (trustworthiness, kindness) and competence (capability, intelligence), just as with people. These perceptions significantly influence customers' emotions, purchase intent, and loyalty towards companies. In order to succeed, companies must build genuine relationships with customers through displaying warmth, competence, and intentions that customers view as worthy. Social media has increased customers' ability to hold companies accountable and express discontent when they feel wronged.
The document discusses issues with the global banking system including securitization practices that contributed to the global financial crisis. It then focuses on how these practices, like fractional reserve banking and securitization, operate in South Africa and raises legal questions about their implications. Banks were unwilling or unable to provide clear answers about securitization processes and their effects on consumers' loans and rights. Regulators are investigating but have not released details. Understanding how the financial system works is important for consumers to avoid vulnerability to abusive practices.
ICSC Panel Members - Financing in Today’s Market Current Underwriting and the...Nicholas Maloof
The document is a panel discussion on current financing availability and underwriting for commercial real estate, especially retail properties. It contains responses from several panelists who are commercial lenders. They discuss:
- Credit remains available from banks, life insurance companies, and CMBS lenders, though terms vary between property types and quality. Retail financing can be tighter than other sectors.
- They are providing financing for a variety of retail property types including single tenant, multi-tenant, mixed-use. Grocery anchored centers are common.
- Loan-to-value ratios and equity requirements vary between lenders, but many will finance up to 75-80% LTV. Life insurers typically
This document summarizes an investment outlook letter written by Bill Gross of PIMCO. The letter discusses how central banks and governments use "haircuts" as a hidden way to reduce debt levels and transfer wealth. It identifies four main types of haircuts: (1) negative real interest rates, (2) inflation/currency devaluation, (3) capital controls, and (4) outright default. While assets may appear to be "money good," the letter argues they are not truly "good money" due to these haircuts reducing purchasing power over time. It recommends gradually reducing risk in portfolios in 2013 to avoid excessive haircuts.
Mortgage closing costs have increased for the second year in a row, averaging $2,539 for a $200,000 loan. Stricter federal regulations like the Qualified Mortgage rule have added time and costs to the lending process, which are passed on to consumers. Rising closing costs disproportionately impact first-time and young homebuyers due to other financial barriers like student loan debt.
PNC Bank asked the agency to design a credit card that would earn them money and fit their brand identity. The agency analyzed PNC's brand and learned they are the 4th largest bank in the US with a moderate risk profile. PNC was expanding into a new target market of younger consumers through their Virtual Wallet savings service. The agency proposed a credit card that offered 1% cash back on all purchases to be deposited directly into the user's savings account each month. This card was designed to help first-time consumers save rather than incur debt.
- Detroit won a commitment from Barclays for $275 million in financing to fund its exit from bankruptcy, if a judge approves its debt-cutting plans.
- The money from Barclays would pay off previous borrowing, creditors, and help revitalize the city.
- Detroit filed for bankruptcy unable to provide services and meet financial obligations due to decades of economic and population decline. It has since cut deals to reduce its $18 billion in liabilities.
This document discusses the high interest rates paid by poor consumers in the US. It summarizes that:
1) Poor consumers often lack bank accounts and access to mainstream credit, so they rely on fringe lenders like pawn shops, rent-to-own stores, and payday lenders.
2) These fringe lenders charge extremely high interest rates, from 100-300% annually for things like pawn shop loans and title loans, and up to 3000% for payday loans.
3) Despite biblical prohibitions on usury (lending with interest), modern attitudes accept interest as normal, yet ironically the poor still pay the highest rates.
The document discusses the changing role of banks due to financial innovations and deregulation. It makes two key points:
1) Statement A describes banks' original role of accepting deposits and providing loans, but Statement B argues this has changed with new financial products and varying regulations between countries.
2) While banks still facilitate deposits and loans, their activities have expanded through off-balance sheet transactions and fees to compensate for lost business to new financial innovations. However, their core economic function of enabling growth through lending remains intact.
1) GE Capital Retail Finance supports retailers' strategies of driving sales and managing credit costs through an integrated point-of-sale application offering private label and co-branded credit cards with instant credit. Discover understands and supports this flexible approach.
2) GE measures acquisition success through metrics like new accounts, approval rates, and same-day activation, but ultimately through helping retailers increase sales and credit penetration.
3) Maintaining customer acquisitions requires a compelling consumer value proposition and close alignment between GE and retail partners on mutual goals like in-store marketing and sales associate support.
Everyone must have heard numerous rumours about the payday loan industry and how it tries to trap the borrowers in a cycle of debt. These rumours and myths have created a negative image of payday loans in most people’s minds. There is a need to dispel some of these myths to help people realize that payday loans can prove to be an excellent financial support in emergency situations.
We are busting some of the most popular and most heard myths about payday loans.
- Owner-occupiers may face small increases in home loan interest rates of 0.25-0.3% over the next 6-12 months as banks are expected to start raising rates. This could mean an extra $86-171 per month in repayments for borrowers.
- There is debate among analysts over whether rates will rise or fall further. Some believe rates need to rise to sustain bank profits, while others think competition and a weak economy could lead to more cuts.
- Tougher lending standards for property investors recently introduced by banks are causing delays in processing home loan applications for both investors and owner-occupiers switching lenders.
What is a payday loan and why should you care.
Originally made for students in the UK, the lessons around personal finance, money management and the price of credit are universal.
Credit cards have become a large part of the US economy, with most Americans using credit cards regularly to pay for expenses and luxuries. While credit cards can stimulate economic activity through consumer spending, the extremely high interest rates charged by credit card companies place a large burden on customers. There is evidence that a lack of regulation in the credit card market has led to an inefficient concentration of capital among the largest credit card issuers, who are mostly large national banks. Placing a legal limit on credit card interest rates could help curb the excesses, but traditional economic arguments claim this may reduce credit availability. The credit card market remains dominated by banks issuing cards through the Visa and Mastercard networks.
Bank innovation - PwC Study on When the Growing Gets Tough: How Retail Banks ...Jeff Grill
As the United States emerges from the financial crisis, retail banks are striving to outperform their competitors while grappling with unprecedented regulatory challenges and shifts in consumer behavior. For more information see http://www.pwc.com/us/en/financial-services/publications/viewpoints/viewpoint-when-the-growing-gets-tough.jhtml
Credit cards seem convenient but often lead to excessive debt. While they allow purchasing items without immediate payment, users may end up incurring huge interest fees by only making minimum payments. Multiple cards can further exacerbate debt issues. Studies show credit card debt reduces household spending growth. Banks and card companies benefit most from user interest payments and fees. Debit cards provide a suitable alternative for transactions without the risks of credit cards.
The newsletter discusses the credit union's mission of encouraging savings over loans and affordable credit. It highlights recent research showing that a third of UK adults could not afford a £300 emergency and explains new savings account types. It also details competitions and schemes to help employers and independent businesses.
Fife & cesta's official and complete bankruptcy survival guidefifecesta
The Law Offices Of Fife & Cesta, PLC is a Mesa, Arizona bankruptcy law firm that provides bankruptcy services to clients around Arizona.
They have issued this over 60 page guide to getting through bankruptcy as a service for their bankruptcy clients and for anyone examining the options offered by filing for debt relief under the federal Bankruptcy code.
This document summarizes a speech given at the Consumers International World Congress in November 2007. The speech discusses the growth of consumer credit and borrowing globally over the past 40+ years since the movie "Live Now, Pay Later" warned of the dangers of credit. While most consumers are able to borrow and repay wisely, an estimated 7% face financial distress. The speech argues that lenders, particularly credit card companies, need to improve practices that have damaged consumers and invites regulatory intervention. Education has limitations and regulation should focus on bad industry practices rather than overregulating.
Our primary research reveals where financial services providers should focus their innovation to build healthy customer relationships in a digital future.
According to the document, companies are evaluated and judged by customers in remarkably similar ways to how people evaluate and judge other individuals. Our perceptions of companies are driven by spontaneous judgments of their warmth (trustworthiness, kindness) and competence (capability, intelligence), just as with people. These perceptions significantly influence customers' emotions, purchase intent, and loyalty towards companies. In order to succeed, companies must build genuine relationships with customers through displaying warmth, competence, and intentions that customers view as worthy. Social media has increased customers' ability to hold companies accountable and express discontent when they feel wronged.
Barclays - Telegraph listening advertorials: Case StudyNewsworks
1) Barclays ran a series of 16 advertorials over 2013 in The Daily Telegraph to address a growing disconnect between customers and banks.
2) The advertorials featured real financial dilemmas faced by retirees and solicited opinions from a reader panel to have genuine conversations around building trust.
3) Surveys found the advertorials increased brand trust in Barclays by 7% and fueled discussions among readers, with 25% talking about the content with others. Brand consideration also rose 7% among the target audience.
The document discusses consumer perceptions of the UK financial services industry. It finds that perceptions remain overwhelmingly negative, with over a third still blaming the industry for the economic crisis. Feelings of skepticism, powerlessness and frustration towards financial institutions have also proved difficult to shift. However, some optimism comes from consumers not solely blaming the industry, and from signs of increased confidence and stabilization in the sector. The document advocates for financial institutions to treat customers fairly, reward loyalty, address consumer concerns, and improve communications to help rebuild trust over time.
Future of Financial Services - Banking on Innovation - Final PaperJohn Fearn
This document discusses the political barriers to innovative financial services. It argues that while radical change in any sector poses challenges for politicians and regulators, the pace of financial innovation is leaving policymakers behind. It analyzes the political reputations of alternative finance providers, payments services, and high street banks to identify the challenges these firms face in influencing regulation. The document predicts that in the near future, most transactions will be digital, mobile payments will increase, and banking services will fragment across new providers, with 20% of lending from alternative sources. It argues that widespread mobile adoption and the 2007-2009 financial crisis have enabled this radical change by shifting consumer habits and eroding trust in large banks.
The document discusses tensions between fear and hope in today's global culture, with some economies and individuals driven more by fear and pessimism while others embrace optimism. It also examines related trends like renewed focus on self-reliance, simplicity, connectivity through social networks, generosity, and rebuilding trust through understanding and flexibility.
This document discusses ethics in the banking industry. It notes that while banking ethics aim to evaluate investors and partners ethically, profitability has become the main goal for many banks. This has led banks to prioritize their own interests over customers' well-being at times by aggressively selling products customers may not need. The document argues that increased competition has incentivized banks to retain customers through high-pressure sales tactics, which can cross ethical lines. Maintaining ethical practices is important but has become challenging for banks focused on survival in competitive markets.
Perceptions of the Financial Services Industry - Revisited Philip Brooks
In this edition of viewpoint, we revisit ‘Consumer Perceptions of the Industry’. We uncover who they now blame for the current economic crisis, how we make them feel, as well as the concerns we could help them address.
We also take a look into the future, assessing the potential impact of the Virgin Money acquisition of
Northern Rock.
Financial Services: Insight and TrendsNadya Powell
What do customers think of Financial Services brands? What cultural trends should Financial Services brands take note of. This deck hopefully gives you everything you need to know. Thanks to Zoe Decool for research help.
Lenders find themselves in a challenging new post-pandemic economic environment, battling both rising rates and soaring inflation. While consumer lending faces headwinds, there is still growth and innovation. Keywords from the AltFi lending Summit 2022 were revenue-based lending, green finance and buy now pay later for business, but also new lending innovations.
Innovating through the slowdown. 3 November 2022, London – In-Person. These are my notes from the event.
The document summarizes:
1) Nicolette Ward discusses creative reasons people give for not paying their mortgages, such as the "Freeman on the Land" movement which claims people can opt out of debt obligations.
2) HML forecasts that UK repossessions will decline to 20,606 in 2015, with the highest number in Greater London.
3) A third of interest-only mortgage customers contacted by two lenders immediately took up an offer of free mortgage advice.
The Sharp-tongued Short-term Loan Vocabulary You Need to Know Before Borrowing.
Visit http://www.100dayloans.co.uk/i-hate-you-payday-loans/ to see surveys, infographics and videos that will help you borrow smarter.
A global study into 16 to 25 year olds and everyday banking looking at how banks can stay relevant for young people in the face of disruption in the financial services industry.
The document discusses the non-alcoholic beverage segment, noting that it is a competitive $170 billion industry projected to grow to $190 billion by 2020. It is a broad sector that includes carbonated soft drinks, bottled water, juices, energy drinks, sports drinks, and more. While carbonated soft drinks currently make up the largest sub-category, the document indicates the non-alcoholic beverage segment is dynamic and experiencing shifts across categories.
This document is the first part of a three-part series on financial integrity. It discusses the concept of a financial code of ethics and warns of the "easy money trap", where people spend borrowed or other people's money cavalierly without financial guidelines. It provides an example of how an unsuccessful business idea can waste an investor's money when the founders spend freely without achieving results. The document advocates understanding one's financial drives and educating youth to avoid the lure of easy credit.
Dean Graziosi - 7 Ways to Finding Funding Right NowDean Graziosi
Find Funding Right Now - 7 Ways to Fund Your Deals In Today's Down Market..
We're going to give you specific go-to resources that will help you to locate financing in these seven major funding resource categories:
- Community Banks and Credit Unions
- Friends and Family
- Government Funding and Grants
- Investors
- Hard Money
- Lines of Credit
- Short Term Funding
Our Population Essay. Essay on world population SAC HombergShannon Bennett
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Improving Americans' Financial Security: The Importance of a CFPB DirectorObama White House
This document discusses the importance of appointing a director to the Consumer Financial Protection Bureau (CFPB). It notes that while the Dodd-Frank Act established strong new consumer protections and the CFPB to enforce them, the CFPB cannot fully exercise its authorities without a director. This leaves gaps in oversight of non-bank financial institutions like payday lenders that interact with tens of millions of American families. Fully empowering the CFPB is critical to protecting consumers from predatory practices and ensuring the financial system supports economic growth and stability.
The document discusses the issue of rising consumer debt levels in the UK. It notes that total household debt excluding mortgages is almost £9,000 on average and including mortgages is over £30,000. This high level of debt corresponds to a rise in individuals seeking help from organizations like Citizens Advice Bureau. While many factors have contributed to rising debt, consumers, lenders, and the government all share some responsibility. Moving forward, financial institutions can help by providing advice, education, and engaging more directly with customers to help them better manage their finances.
Similar to Money talks, leapfrog, repairing the damage (20)
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
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Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
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Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. Cello Group
Money Talks
Leapfrog Research and Planning
Repairing the damage
Rupert Blackwell
Sarah Buckle
Good evening, ladies and gentlemen.
We work for Leapfrog Research and Planning, an international qualitative and
quantitative market research agency based in Windsor.
Over the last 2 years or so, we’ve carried out a large number of projects – for
clients in a range of categories, not just financial service providers – looking at
consumers’ responses to the economic climate and what’s been going on in the
financial sector.
We thought you’d find the broad findings from these pieces of work interesting,
possibly even instructive.
1
2. What we’re going to talk about comes chiefly from lots of different group
discussions with a wide range of mainstream consumers including our own
research which we conducted a week ago.
• Online quantitative research; c1800 adults; 1st October 2010
But we also carried out some quantitative research – featuring an online sample
of 2,000 people – especially for tonight’s session, and the numbers that will
appear behind us while we speak come from that survey. Our sample is all adults
and isn’t based on product ownership, so some of the figures might be lower
than your own data suggests.
Given that you all work in financial services, our focus this evening is on
consumers and their views on banks and other financial institutions, rather than
the broader economy.
Having said that, most consumers we’ve spoken to think the two are inextricably
linked or at least that there’s quite a lot of chicken and egg involved with them –
2
3. recently what happens in one seems to affect the other significantly, and vice
versa.
The interesting thing about consumer attitudes to the financial services industry
is how things have ebbed and flowed since 2008.
When the crisis began, banks and other financial institutions were in the full
glare of public consciousness.
Then – after the initial scares – the media’s and people’s attention was distracted
by the declining fortunes of Gordon Brown and the General Election.
Now, with Gordon gone and the jury still out on the Coalition, consumers’
attention has to some extent gone back on the banks in particular, especially as
they seem to be behaving as though nothing has happened, at least if the
media’s to be believed.
3
4. We obviously don’t need to tell you that – at an overall level – most ordinary
people consider what’s been going on at the banks over the past couple of years
pretty astonishing: akin to discovering that the quiet, even boring, neighbour
that you don’t really know anything about at number 42 has been revealed by
police as a kingpin in an underworld of vice and fast-living.
And, not only that, without your knowing, he seems to have involved you and
the rest of the street in the consequences of his misdemeanours, too.
Of course, we weren’t all wiped out by the banking crisis in the way we at first
thought we could be.
The actions of the previous government to prop up the institutions in crisis with
taxpayers’ money did prevent further crashes; people’s savings were protected;
the forcing down of interest rates has made many mortgage-payers better off,
4
5. possibly better off than they’ve ever been, though savers will tell you a very
different story.
But now that the stormy waters have calmed, what are we left with as far as
consumer attitudes and responses to banks are concerned, assuming that further
crises don’t occur in the sector?
A consumer collage of anger
National and personal debt Arrogant – the only winners
Blame
Cold
Unapologetic
Cuts
What next? Country in disarray
What lies behind these attitudes and what are their implications?
The prevalent attitude is one of anger.
Of course, people have always been pretty grumpy with the banks from time to
time, because of charges, errors and lousy service and, more recently, the fact
that new customers get a better deal than loyal ones, and these grumbles still
exist.
But there are other layers of anger, too, and these have shifted.
5
6. It’s worth pointing out here that one of the consequences of the banking crisis is
that it’s given people a much clearer appreciation of the organisation of banks
and, in particular, that your friendly local branch is backed by a much larger
institution with different values and goals.
Clearly consumers were conscious in the past of ‘Head Office’ but it’s not until
recent events that most people have had a proper sense of how what goes on at
a bank’s HQ, and at the bank’s bank – affects the man on the street.
“I blame financial institutions for rising levels of personal debt”
% agreeing with statement
23 26 28
17
Total 16 - 34 35 - 54 55+
Source: Toluna online poll of 1794 UK adults on Friday 1st October
One of the things we’ve heard a lot from consumers – particularly older ones –
even before the banking crisis was how much they disapproved of banks
encouraging people to take on debt, especially credit cards and loans for more
frivolous purposes like shopping.
At that time, this was a kind of generational disapproval, people who’d been
brought up with a save before you spend mentality tut-tutting the buy now-pay
later values of their children.
6
7. But now, these same people are angry that they were right all along, that the
days of easy credit have caused us problems, though to a much greater extent
than anticipated.
These people are particularly aggrieved that their prudent behaviour – in other
words, not borrowing – has counted for nothing, and they’ve gone down with the
ship along with everyone else.
What makes more people angry now, though, could be summarised as the
‘parallel universe issue’, the idea that bankers – and the bankers at ‘Head Office’
and above, not Tina in your local branch – appear to live on another planet to
the rest of us, possibly with Premiership footballers as their neighbours.
We of course refer to bankers’ salaries and bonuses, especially the bonuses.
7
8. Some of this boils down to good old-fashioned envy, of course.
But what really drives consumers demented is the sheer unfairness of it all:
bonuses being paid out by institutions that the taxpayer has bailed out, which
won’t lend small businesses money and who are making getting a mortgage
harder than ever, if possible at all.
And this all at a time when ordinary people are suffering redundancy – or the
threat of it – pay freezes and the spectre of cuts hangs over them.
According to consumers we speak to day in day out, no banker has been made
redundant as a result of the banking crisis, none has had a pay cut.
If anything there’s a sense they’ve enjoyed the reverse – unprecedented pay-
outs, higher even the days before the credit crunch, if the latest reports are to be
believed.
It’s the lack of contrition that gets to people and the feeling that banking’s the
only industry where failure comes with such a good pay packet.
Everyone has to be financially cautious, but the people who caused the problems
don’t need to.
Neither of these examples is particularly revelatory – everybody from Vince Cable
to The Daily Mail, probably even you, agrees with ordinary people on this matter.
8
9. But, research we’ve carried out in the past couple of months appears to reveal a
new kind of anger among consumers – resentment at having to pay proper
attention to their money.
Until now, unless they were genuinely active investors, and we meet few of
these, many ordinary consumers appeared to feel at one remove from their
money and in particular their longer term savings and plans for the future.
They’re angry that what they had hoped for as a matter of course in terms of
pensions and savings may not be delivered in reality.
They’re also angry that they’ve been caught out, living in the dark about their
money and just trusted to luck, or the people they were told to trust.
9
10. In other words, they’re angry with the institutions for their failure to deliver as
well as promised, but they’re also angry at themselves for being naïve and
ignorant about such an important topic.
This ‘self-anger’ is even more keenly felt at the moment given that we’re all
going to be more liable for our children’s future costs than we may have
anticipated, because of the rise in tuition fees and how expensive it will be for
them to get on to the property ladder. And we can’t rely on the nest eggs we’ve
put aside either…
Which of the following do you trust to act in your interest?
% agreeing
Family & friends and the NHS are most
The Bank of England 8
trusted…..
Trade unions 8
Supermarkets 7
Friends and family 51
Employers 7
Local councils 5 The NHS 22
The Labour party 5
The Coalition Government 5 ….but more than 1 in 5 do not trust anyone to
Newspapers 5 act in their interest
High Street banks 4
Pension providers 4 None of
23
Energy providers 3 these
Insurance companies 2
Credit card companies 2
Estate Agents 2
Industry leaders 1
Source: Toluna online poll of 1794 UK adults on Friday 1st October
No surprises, then, that levels of trust in banks (and every other financial
institution for that matter, shown here in red) are very low, and the only people
consumers feel they can rely upon are their own friends and family and, at a
push, the NHS.
10
11. But, ultimately, does this consumer anger matter? Does their lack of trust have
any really serious implications?
In both cases, not really.
Britain is a nation of moaners and the banks are to some extent just another
thing to be cross about.
It’s also hard to imagine widespread rioting in the street, at least among
mainstream consumers.
And, when you talk to consumers, what does their anger actually lead them to
do?
Switching behaviour in the last few years
I have changed car insurance provider 20
I have changed house insurance provider 16
I have moved my savings account 14
I have moved my current account 10
I have transferred my credit card balance 9
I have moved other investments 8
I have moved my mortgage 4
I have moved my loan 3
I have transferred my pension 3
None of the above 51
Source: Toluna online poll of 1794 UK adults on Friday 1st October
It’s clear that lots of people shop around for insurance nowadays (indeed they’ve
done so for a long time) but this largely boils down to price and the fact that
11
12. comparison sites have made the process so easy, not because of any anger with
the institutions themselves.
Our research has established that most consumers don’t in fact bracket
insurance companies in with banks, even those they know are owned by banks.
More significant, though, is the low level of bank account switching or switching
of any kind given the frustrations people have.
People say they’re angry with their bank – both because of the poor service and
because it nearly collapsed – but do they move out of protest?
No, hardly ever – it’s too much hassle; they’re worried about their direct debits;
they feel they’ve got a relationship with their bank manager which might come in
useful if things ever get really tricky with their finances.
Better the devil you know, especially in a world of devils.
12
13. In fact, when it comes to trust, our data doesn’t tell the full story.
Yes, people don’t trust banks, but surprise, surprise, as we saw from the earlier
data, most aren’t that keen on politicians and estate agents, either.
Actually, in groups, we’ve found that the only people who can really be trusted to
sort out the banks, stabilise their operations and continue their important
contribution to the economy are the banks themselves, with assistance from
government and regulators.
So what now for the banks?
13
14. Clearly a priority for any bank in the short-term future is to make up the distance
that appears to exist between bank and customer, to bridge the parallel
universes we talked about earlier.
NatWest – and in Scotland, RBS – seem to be attempting this with their current
customer charter campaign, while LloydsTSB’s For The Journey positioning also
seems to acknowledge how out of touch banks appear to customers and how
they need to demonstrate real empathy.
When we talked to consumers about these campaigns recently, there was, it has
to be said, a degree of scepticism, influenced by their reaction to the industry
overall.
And, in our recent quantitative survey, only 12% of respondents felt that the
banking crisis was caused by just a few individual institutions, that – in other
14
15. words – the banking crisis was symptomatic of malaise and irresponsibility across
the industry.
So, an industry-wide campaign, from all banks, not just individual brands, is
probably required to acknowledge what’s happened and draw a line in the sand.
Sharing responsibility and showing contrition may well be vital.
Without it, we wonder whether any individual existing banking brand – and we
should stress existing and banking – will be able to convince fully that they’ve
made a break with the past, or even be able to make their voice heard.
15
16. The good news for banks and other financial institutions is that the crisis has
made consumers engage properly with their financial situations, and the fact
they need to take control.
There is a generation of people in their 30s to 50s who desperately need help
and leadership from experts to help them develop appropriate and realistic plans
for the future.
They’re going to need more money than they thought they did; the system they
assumed, because of their parents, was failsafe probably no longer exists; they
are nothing like prepared enough.
In fact, they often seem paralysed by not knowing what to do.
16
17. If nothing else, the recent banking crisis has awoken these consumers from their
stupor, so reach out to them with practical help while their appetite lasts. And
deliver on the basics of banking without ceasing.
Thanks for listening. Good night and good luck.
17