People can be made to believe the banking system is safe with guarantees and reassurances. I know when the economy gets rough like it did during the Great Recession, I wasn’t worried about the banks or the money I had in them. The Federal Deposit Insurance Corporation providing deposit insurance against loss even if the bank fails provides me with peace of mind. I also think the more transparent banks are and don’t complicate their wording the more their customers will be confident they are making the right decision to do business with them.
Good customer service goes a long way and with any business my personal thought is if employees don’t know what they are talking about or try to be deceitful in any manner to get my business then my trust is automatically broken. With the digital world which is all around us online banking access has decreased the foot traffic into banks and with this I expect strong up to date security measures with limited breaches. I have had my account hacked with other companies than banks that I have done business with, or my information compromised which makes me question how protected my data is. Knowing this I appreciate the extra steps banks take to validate my identity even though it can be aggravating at times. With the readings from this class I also now realize there is more regulations and oversights than I originally thought there was from the government that banks must follow that ensures the protection of my money.
Lastly, like any other business I think they should be clean, organized and professional looking which relays the thought to myself that it is a well ran bank. I do agree with the statement that many individuals in the old days came to place their trust in the protective architecture that banks reflected during that time. I think this was important before 1934 when the FDIC started insuring deposits, and all the current regulations wasn’t in place (Brandl, 2020). Like any other business though it’s nice for the building appearance to reflect quality, professionalism, and the structure not to look run down which to me reflects business isn’t good and is managed poorly. While building appearance is still important, I don’t feel like it must be as aggressive looking with all the modern improvements like online banking, modern security systems, and government protections.
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