What Ever Happened to Customer Service in Financial Services?

When is the last time you managed to get a face-to-face meeting with your friendly bank manager at your local branch?

Probably in the days Captain Mainwaring was leading his Dad’s Army...

According to a study by Self Financial, US branches could become extinct by 2034 if current trends continue. It’s a similar story throughout Europe. In Belgium alone, it is said that, on average, at least one branch closes each day.

So what’s behind all this? Obviously, cost cutting is the number one reason. It costs several millions of euros to open a branch and one can expect annual running costs in the region of half a million euros, depending on size and location. Given that digitalisation and online banking are both cheaper and more convenient, then throw COVID restrictions into the equation and we find it no longer makes financial sense for banks to keep their branches open.

However, it is not only the disabled and elderly that are alienated, now that they no longer can visit their local branch. Mid-level earners too are finding themselves shut-out and are being starved of financial information. Sure, the day-to-day payments of bills and simple transactions are not a problem but what about a young family for example, who want to put some money aside to save either for their own or for their children’s future. With interest rates in a savings account at around 0% and the ECB reluctant to increase rates, where can they go? What savings options are available to them? Who can they now talk to in order to get further information?

At Monnet Capital we offer a tailored service for our clients. From simple regular savings to larger lump sum investments. Moreover, we are always available to talk to our clients on a personal level. No endless waiting times to make an appointment, no automated answering machines that steer you round in circles. We believe that when it comes to personal finances everyone deserves a certain level of customer service.

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As a Brussels based brokerage specialising in financial services that are directly relevant to the Expat community, Monnet Capital BV can help you navigate the intricacies of wealth management in Belgium. Additionally, if you would like to speak to one of our financial advisors directly, please take a moment and complete the contact form provided at the end of this page.