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
Business Banking: Satisfaction levels
Fiduciary Banking: The Problems
Fiduciary Banking: Satisfaction levels
What are the problems and why?
What are the solutions?
The next steps