If there’s one institution that many Americans look at with distrust and perhaps disdain, it’s the banking system!
But what are the issues with retail banking? Are Americans being a bit too harsh on the banking industry?
Or are there retail banking myths that are making us lose trust in the banking institution?
While one should always be skeptical, you should also maintain a “trust but verify” mindset.
Here are some of the common retail banking myths — DEBUNKED:
Myth: Bank Branches Are Disappearing
As of this publication, there’s no hard evidence that bank branches are disappearing. There’s also no hard evidence that there’s a push toward eradicating physical bank branches.
While digitalization has been crucial for retail banking, it’s no substitute for physical branches.
When a customer has an issue with their account, it’s always preferable to speak to an account manager in person. When an ATM doesn’t work, you can count on a branch to give you your cash.
Myth: Retail Banking Annoy Customers With Offers
Many existing and potential customers are happy to learn about offers from their banks.
For example, does the bank offer smart banking options? Does the bank offer options to store cryptocurrency?
The average person wants to get the most out of their retail banking option. They want to make sure that they pay the lowest fees. They want to earn the highest interest.
As such, the best retail banks are adamant about sharing their offers with their customers.
Myth: New Banks Have No Chance
This is perhaps what causes many Americans to abhor the banking industry! Many Americans are fed up with the large banking institutions and feel that newer banks won’t last as long.
But this couldn’t be further from the truth. While larger banks have their legacy behind them, new banks have found a way to compete with them.
New banks have to offer better services than traditional banks. These can include working with cryptocurrency, having higher interest rates, having lower fees, etc.
These banks also work much harder to offer excellent customer service. They also work to offer services to niche customers such as digital nomads, entrepreneurs, etc.
One can’t predict the future of which banks will be successful and which ones will fail. But it’s an irrational fear to think that major banks will always rule the roost and new banks will fail faster.
The customer gets to determine the future of banking in America. If you aren’t pleased with big banks, you should test out the newer banks.
Those Are the Myths of Retail Banking
Now that you know these debunked myths of retail banking, you can make better decisions by finding the right bank.
You want to find the best local bank that offers digital services but also has several branches around your area. You want to choose one that’s willing to share offers to make your banking experience better.
Please share this article with anyone who still believes these myths about retail banking.
You can also find more great articles on banking and finance on our website!