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Posted on: 23rd Jun 2021 by: CamOuse Financial Management Limited
You will likely have grown up knowing the ‘big four’ banks and their presence on every high street. Barclays, NatWest, Lloyds and HSBC (which you may remember as Midland Bank) were prominent in almost every town. If you needed a loan – especially if it was for business purposes – then your first port of call was the bank manager.
Gradually, the image of the ‘big four’ began to slip. They were beset by scandals, notably the PPI (Payment Protection Insurance) mis-selling scandal. According to an article published in FT Adviser in August 2019 the scandal will have cost the industry £50bn, with Lloyds the biggest culprit having – at that time – paid just over £20bn in compensation. To put that figure in perspective, the market capitalisation of Manchester United, the UK’s biggest and best-known football club, is around $2.5bn (£1.77bn) at the time of writing – making the PPI compensation bill 28 times the value of Manchester United.
So not surprisingly, public faith in the banks was starting to wear a little thin. What has really threatened the “old” banks, though, is the rise and rise of fintech (financial technology).
Many people will have heard of the so-called ‘challenger banks’ such as Monzo, Metro, Revolut and Starling. The millennial generation (roughly, the generation that came of age around the turn of the century) and Generation Z (the generation after millennials) have very quickly taken to fintech, using the various apps for transferring money, investing and saving and everyday banking. We’re now seeing the start-ups going mainstream, with Starling Bank advertising its business account on TV.
But perhaps the most compelling evidence is anecdotal. You talk to so many people now who say they simply cannot remember the last time they went into a bank branch. So what will we see in ten years’ time?
A huge reduction in bank branches is almost certain. While that may cause problems for town centres already suffering from shop closures, it is hard to see any alternative. Bank branches are expensive to maintain and they demand something that is even more costly than bricks and mortar – people!
Will this cause problems for some groups of people – the elderly, for example, who are disproportionately reliant on cash? Possibly – but while the UK may be lagging behind Sweden who are on course to be a cashless society by 2023, it seems inevitable that we will use less and less cash in the future.
Fintech will continue its inevitable rise. There will be more challenger banks, and you suspect they will increasingly define their target markets – business lending, for example, and specialise in them.
And those expensive people? Sadly, they are going to be needed less and less. Looking into the crystal ball it seems inevitable that if you are dealing with a ‘bank manager’ they will be online, on your phone or on your wrist and making lending decisions based on artificial intelligence and machine learning.
I thought CamOuse were very helpful and dealt with my enquiries promptly.
D Mowatt
Clive Nickalls
I have been a client of CamOuse's for many years. My advisors have provided assistance with mortgages, financial planning, investments and most importantly my future. The team remain passionate and professional and I would recommend CamOuse without question.
L Isbell
Trevor Honey & Clive Nickalls
The staff are always happy to help.
J Pearce
Lee has always given me excellent advice when choosing a new mortgage. I would highly recommend him.
R O'Dell
Lee Pooley
Everyone is very friendly, approchable, helpful and professional.
G Parr
Trevor Honey
I would like to thank Lee for all his help, he was amazing!
Silk & Schwarz
Lee Pooley
Lee was recommended to us by 2 of his existing clients, colleagues and friends of ours and I'm glad they did so! He made the whole process much simpler then we were expecting.
Burgess & Bedford
Lee Pooley
Lee has helped us on several occassions and we always appreciate and value his time and efforts.
I & A Murphy
Lee Pooley
I really appreciate the prompt, friendly, efficient service.
V Hardy
Clive Nickalls
Very pleased with the service provided and happy to recommend to my customers and friends and family.
M Chadburn
Clive Nickalls
I would like to express my thanks for the excellent service I have received and a special thank you to Hannah for keeping me updated and dealing with my queries in a very efficient and professional manner.
T Long
Matthew Theobald
Thank you (and Eve) so much for all your help and support towards our remortgage. We really appreciated your expertise.
Cant & Robbins
Lee Pooley
I would just like to thank you all on behalf of myself and Jordan. You, Eve and Max have been faultless and we couldn’t be more appreciative for all your help!
C Baldwin
Lee Pooley
Lee has provided me with mortgages and appropriate insurance for both my home and lease properties. He is professional and works to get policies in place in an extremely quick time frame. I would certainly recommend Lee and CamOuse to anyone and I personally will continue to use their service.
G Habbin
Lee Pooley
I have been a client of CamOuse Financial Management Ltd for many years and have always found their services to be of the highest quality.
N Parker
Jo Kurz
Amazing company, very friendly, professional, and always on hand to give sound advice. My family has been utilising their expertise for many years and have never been let down.
S Bradley
Jo Kurz
Sound financial advice and planning. Responsive and friendly service.
B O'Connor
Jo Kurz
The whole team at CamOuse are friendly, professional and always look after your best interests. Thanks for your help!
G Hall
Lee Pooley
We've only been with CamOuse just over a year but would highly recommend them. We deal with Matthew who is an excellent adviser, always very responsive to questions and goes the extra mile to help.
P Carter
Matthew Theobald
I was so pleased and relieved to find this company. Particularly pleasing is their communication - it's jargon-free, concise and clear. We've been very happy with advice given thus far, and also their responsiveness whenever we've had any queries.
A Cant
Jo Kurz
We used Lee at Camouse to arrange our mortgage and can highly recommend him to provide an honest and professional service in this area. We will certainly return to Lee for remortgage advice in the future.
A Attewell
Lee Pooley
Would like to extend our thanks to you and your team for a fantastic customer service as always.
E & R Mendoza
Lee Pooley
We paid a small fee to Camouse for whole of market mortgage broker services. As first time buyers, Lee and Eve were able to guide us through the process, find us a deal and sort out the applications in a really helpful friendly and efficient way. We were very satisfied and would recommend CamOuse to others for this service.
L Humphrey
Lee Pooley
I was extremely pleased with the quality of the service I received when arranging a mortgage as part of a house sale and purchase through CamOuse. Lee and Eve were very easy to contact and always quick to respond. I would definitely recommend their mortgage arrangement services.
G Dewdney
Lee Pooley
Jo has been extremely helpful and very patient and I will be recommending her highly to other family and friends of mine. I do sincerely appreciate the way Jo handled my issues and also the excellent and very professional way she conducted business. She is an absolute asset to CamOuse.
C Tate
Jo Kurz
CamOuse have been our go-to financial advisers since 2008 and have assisted with numerous mortgages, remortgages, insurances, and general financial advice. Lee Pooley and Eve Nowakowska have been invaluable during this time. We've built up an excellent relationship with both and trust them completely to do what's in our best interests. Both are an absolute pleasure to work with and I cannot recommend them, and by extension CamOuse, enough!
I Murphy
Lee Pooley
We used the services of CamOuse to help in buying our first home and setting up our mortgage and we were extremely happy with all the advice and help we got. We spoke to Lee mostly, who was really great! Very insightful, very friendly and helpful, very patient and all-round great service. Would happily seek their help again. Many thanks Lee!
C Bolas
Lee Pooley
We have been taking mortgage advice from CamOuse for over 20 years and are always impressed by their friendliness and professionalism.
N Amery
Lee Pooley
Thank you to Matthew and Julie for making a huge difference in my life when I thought I was so stuck and felt there was never going to be a way to move forward.
L Smith
Matthew Theobald
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