What are the solutions?

Following the research, Finance For Guernsey believes there is a gap in the market to tackle the problems identified.

Guernsey needs:

A bank able to provide transactional banking to anyone legally entitled. Whilst individual small accounts may not be hugely profitable, it will be necessary to provide access to all as a way of attracting much more profitable business; in a small community it makes perfect business sense to provide a service to everybody.
Risk decisions to be taken locally both qualitatively and quantitatively using all information available on a person. Decisions need to be made on an individual basis not based on a formula. Plain vanilla products required for both deposit and credit products that reflect customer requirements locally, so things that fit and not just what’s provided elsewhere.

Survey Results GUERNSEY CUSTOMERS

402 surveys completed in total

Banking services in Guernsey: opinion statements

High numbers experienced difficulties plus low levels of satisfaction

Personal Banking: The Problems

Personal Banking: Satisfaction levels

Business Banking: The Problems