To understand the psychology of banking, you must consider the banker and the client. Understanding the psychology of banking is important for clients because you are able to appreciate the importance of banking, you will save more money for the future, among other advantages.

The psychology of the banker:

Concern about the money loaned out

The banker is concerned about making money for personal, social, and political reasons, just like with other professionals. The banker is therefore concerned about the money he/she has to lend, the money that should make his/her profits, and the safety of all money given out to borrowers. For this reason, a banker will be very cautions while giving money away and he/she will take precautions to avoid cases of nonpayment. Since bankers view the money they lend as their own, they go to great lengths to force people to repay their debts and they can even take legal action or auction your belongings.

Capability of emotions

Bankers are human beings who are capable of emotions and, although not at the same level as your neighborhood barber, they can make decisions that are not too prudent if you present your case. If you are unable to repay a loan or you want a loan without a security, you can talk to the baker and he/she can give you what you want.

In love with other people money

The banker is in love with money and this is not just the money in his/her bank, but also other people money. This is the reason a banker will encourage you to deposit your money in his/her bank and this is the reason there are so many acquisitions in the banking sector.

The psychology of the client:

Expectations about the services offered

The client has certain expectations of the bank - he/she expects the money deposited to be safe, he/she expects an interest if the account is supposed to come with an interest, and he/she expects the bank to be in a position to give a loan whenever one is requested. If the client is not able to get one or more of his/her expectations, he/she will switch banks.

Expectations about personalized services and online services

Today’s clients are educated on what goes on in the banking industry and they will expect personalized services and online services. If the client does not feel welcome when he/she walks into a bank, it is very easy for him/her to change banks. The same applies when the bank does not offer e-banking services.

Marcus is dedicated to providing financial education that helps individuals create wealth for themselves and their families.

Marcus is the author of the book, ‘Wealth Workout - the Simple Seven Step Formula for Financial Success’, and the contributor to various money, finance, stock market and property publications in UK. For more information on how to make more money and to get a wealth workout please click here wealth-workout