Banking laid bare

Naked Banking reveals how and why your bank is hurting your finances, and what to do about it, finds Kirsten Levermore

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The trip to the bank manager’s office. Might as well be going to the dentist: the pain won’t last as long, and at least you have a reasonable chance of understanding what they are talking about. Root canal? Yes. An ISA on 1.5% AER for the balance up to X amount? Perhaps not.

With their book, Naked Banking, three heroes say they are going to change the way people bank, forever; Metro Bank’s business banking lead Stephen Hogg, chief commercial officer Paul Riseborough, and Silicon Valley sparkler, Karolina Banna (née Morys), have written a banking tell-all to end the confusion and save you money.

In their own words, “Back in the day, banks were largely trusted and products were simple. Today, customers have to navigate a blizzard of product promotions, all with confusing terms and conditions, rip-off fees and constant rate changes. They can, and do, make mistakes with their finances, but nowadays banks seem to design new products so that they can profit from these slip-ups.”

Including a step-by-step guide for non-banking experts, to inform readers’ approach to new banking products, switching banks and even exploring investment versus saving, Naked Banking is empowering, informative gold dust.

Its value is not limited to the layperson, however: the book has a second section, devoted to examining why banks “no longer seem to want to do the right thing”, with reasoning from expert retailers and seasoned product developers imbued throughout.

Going to the bank and being told, “We can’t give advice,” always frustrated this reviewer; it felt like a trick. Now, with Naked Banking in the arsenal, we can have an honest, frank conversation about how we can both get what we want – a true transaction.

 

 

 

Naked Banking Stephen Hogg, Paul Riseborough & Karolina Morys (LID Publishing)

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