There’s no shortage of savings accounts on the market right now – but for those customers in the over 50s age group it can sometimes appear that accounts are geared more towards younger generations. Online banking, for example, may be perfect for some savers in the over 50s age group, but for others – even if they are internet-savvy ‘silver surfers’ – online banking may lack the level of customer service they have come to expect.
While interest rates remain low across the board, the customer service factor can be crucial for savers from a generation old enough to remember when it was the norm to be able to speak to their bank manager or account manager face-to-face. For anyone who remembers and appreciates this personal approach, having to deal with online platforms and call centres can seem like a poor substitute.
Interestingly, despite the fact that many banks have been pushing online and mobile platforms for years now, there are still a huge number of customers of all ages who want to be able to regularly visit their local branch in person. Research by www.accenture.com in 2014 showed that footfall at UK bank branches was actually increasing. Last year, according to the figures, 52% of bank customers still used a branch at least once a month (compared with 43% in 2011) despite the rise of internet and mobile banking. The same research also identified that 21% of people were using a branch at least once a week in 2014, up from 12% in 2012.
This research shows that while new technology does provide for the needs of some customers, there’s still a significant demand for a more traditional, personal banking model too. That’s a view supported here on the Island by Permanent Bank International (PBI) which offers a more personal approach to customer service, and one which they find is particularly appreciated by many over 50s savers. Managing Director, Aidan Doherty, commented: “At the heart of the business is the core principle of providing ‘the personal face of banking’. In many ways this is a traditional approach which has echoes of the days when many customers appreciated having the option of speaking to their bank or account manager in person. With PBI, customers can still do this – and it’s a vital part of our policy of building long-lasting relationships with customers by taking time to get to know them and their requirements. Over time, this means that we can develop a high level or trust and confidence. Customers can still contact us via phone or email, but whenever they do there is the added reassurance of knowing they will get straight through to an experienced client relations team member who they know and trust, and who has developed a detailed understanding of their requirements.”
As the PBI example shows, there is more to choosing a deposit account than the interest rate alone.
Photo - Aidan Doherty.
*PBI has been established in the Isle of Man since 1994, and provides a range of international deposits accounts in Sterling and Euro for UK and Isle of Man clients and ex-pats. For more information go to www.permanent-bank.com or phone 639226, or call in to PBI at Hillary House, Prospect Hill, Douglas. PBI is licensed by the Isle of Man Financial Services Authority, and is also a participant in the Isle of Man Depositor’s Compensation Scheme as set out in the Depositors’ Compensation Scheme Regulations 2010. The company is part of Permanent TSB Group Holdings PLC which is 75% owned by the Irish Government.
