I got my first phone at 13 and I still remember the phone number.
But that’s only because I’m with the same contract and the same provider as when I started. From flip phones to my iPhone, I’ve relentlessly stuck with a service I quite honestly loathe. Through awful signal coverage and even worse customer service. But why?
It’s exactly the same as my current account.
A branch nearest my house. The same one my parents bank with. Opened in my teens and never changed. Of course, since then, my lifestyle has changed just a bit. I’ve left home, got a job, pay rent and do my own laundry. My earnings, savings, and spendings have totally altered. Yet my banking experience hasn’t seen a drastic change since I moved from piggy bank to bricks-and-mortar ten years ago.
At least with my phone the actual device is radically better than when I was in Year 8.
Do we ever question what a bank is? What defines them? Or do we just accept that they exist?
Moreover, why stay with a bank you don’t like?
A big reason seems to be an existing level of doubt.
Can you even trust a bank that’s entirely on your phone? Are they really secure if they don’t have physical branches? Sure the usual suspects aren’t exactly wonderful, and they’ve had their fair share of scandals in recent years. But what makes the new banks any different? Can you really put your faith and trust in a new bank that you’ve never heard of?