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Centre for Policy on Ageing | |
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Three steps to inclusive banking: compliance, standardisation and innovation
— summary of NCC research into basic bank accounts | | Author(s) | Nicola O'Reilly |
| Corporate Author | National Consumer Council - NCC |
| Publisher | National Consumer Council - NCC, London, 2006 |
| Pages | 13 pp (PD 62/06) (ncc findings) |
| Source | National Consumer Council, 20 Grosvenor Gardens, London SW1W 0DH. Website: http://www.ncc.org.uk |
| Keywords | Bank accounts ; Financial services [older people] ; Poverty ; Consumer protection ; Research Reviews. |
| Annotation | Although good progress has been made, low income and financially excluded consumers continue to experience barriers to banking. This research summary points to fear of fraud, fear of debt, and the need for short-term saving as perceived barriers to access to banking services for those on low incomes. It notes that both supply and demand side problems are resulting in many people failing to open a bank account, while others are not using their bank account's features to realise the benefits of financial inclusion. People with low incomes and limited knowledge of the banking industry need explanations, certainty, control, flexibility and visibility. The banking industry's lack of experience in dealing with this group of consumers has resulted in a mismatch between customers' money management needs and the basic bank accounts on offer. The National Consumer Council (NCC) wants every basic bank account to be hassle-free to open, and to offer a standard set of features and innovative additional features to meet consumers' needs. (RH). |
| Accession Number | CPA-070207203 B |
| Classmark | WNN: J: W6: WYP: 3A:6KC |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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