I think it is fair to say that banks have had a reputation problem for many years. not just in the UK. We all use them and depend on them too, but perhaps don’t trust them. They do after all make a lot of money, and we have all had problems dealing with them. Many have been reprimanded for their global practices too. But they are vital for most of us, and Moolr have taken a look at the advantages of banks.
The Advantages Of Banks – Safety
In the past, most carried their money about their person or left it at home under the mattress. Not ideal! Doing this was clearly risky, and made you a target. We might still be that vulnerable today except for the fact that we don’t carry near that much cash anymore. Technology allows us to store money more securely, and banks are a big part of that.
The Advantages Of Banks – Convenience
It is so convenient to have money that is easy to access without you having to carry it around with you. Putting money in a bank account isn’t only safe, it is also convenient. When you need some money, you don’t have to go all the way to the bank to get it. Nowadays, in 2019, you have so many options. You can go to a cash machine, swipe your card in a shop or even use your phone to access funds. It is all safe and secure, and the bank will cover you should anything go wrong.
Control
My organisational skills are virtually non-existent, as anyone who knows me will confirm. With that in mind, it is a huge advantage to automate my funds and have an organisation such as a bank keep an eye on my dealings. A simple app code is all i need to see everything that is going on in my finances. Even I can deal with that.
The slate of modern bank services gives us control of our finances not just by helping us budget. It allows us to control all aspects of our finances at the touch of a button.
Choice
Never in our history have we had the luxury of so many choices for how to manage our money. The choice in the market is far greater than it has ever been, and that is good news for customers. If you are not happy with the service your bank offers you, then you can simply switch to another bank. What’s more, many will offer financial rewards for you to do so. In addition, the competition for your business allows you the chance to get the best interest rates, overdraft offers, loans and much more besides. Banks will offer existing customers great rates on additional products too.
The Advantages Of Banks – Economy Boost
Banks create money with a system called credit creation. With the help of credit creation, banks can lend a lot more money than the deposits that it holds. When banks lend this money to agriculture, industries, small businesses, and service providers, they are actually helping the economy grow exponentially. This, in turn, creates employment and spending power. Overall this one function of the bank is so powerful that the entire economy of any country relies on it.
