Chronic Shyness Turns Brits Into Big Online Banking Supporters

from the say-what? dept

Fri, Aug 4th 2006 6:13pm — Mike Masnick

Online banking has been a big success for many years, with most people citing the convenience factor as the reason to use it, rather than alternatives. However, a study out of the UK has come up with a different reason: embarrassment. Apparently, folks in the UK are so embarrassed to talk about their financial situation that many gravitate to online banking just to avoid talking to anyone. Convenience is still definitely the top reason, but banks apparently shouldn't discount the shyness factor -- which some are worried is a problem on more complex financial transactions. If people automatically just use online tools when they don't fully understand the ramifications, it could lead to even greater financial problems for them to be even more embarrassed about.

Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.

Techdirt is one of the few remaining truly independent media outlets. We do not have a giant corporation behind us, and we rely heavily on our community to support us, in an age when advertisers are increasingly uninterested in sponsoring small, independent sites — especially a site like ours that is unwilling to pull punches in its reporting and analysis.

While other websites have resorted to paywalls, registration requirements, and increasingly annoying/intrusive advertising, we have always kept Techdirt open and available to anyone. But in order to continue doing so, we need your support. We offer a variety of ways for our readers to support us, from direct donations to special subscriptions and cool merchandise — and every little bit helps. Thank you.

–The Techdirt Team

13 Comments

If you liked this post, you may also be interested in...

Reader Comments

Subscribe: RSS

View by: Time | Thread

Anonymous Coward, 4 Aug 2006 @ 7:11pm

Archie: Wanda, do you have any idea what it's like being English? Being so correct all the time, being so stifled by this dread of, of doing the wrong thing, of saying to someone "Are you married?" and hearing "My wife left me this morning," or saying, uh, "Do you have children?" and being told they all burned to death on Wednesday. You see, Wanda, we'll all terrified of embarrassment. That's why we're so... dead. Most of my friends are dead, you know, we have these piles of corpses to dinner. But you're alive, God bless you, and I want to be, I'm so fed up with all this. I want to make love with you, Wanda. I'm a good lover - at least, used to be, back in the early 14th century. Can we go to bed?

- Sorry, just watched that today... saw the connection. (First!)
[ link to this | view in chronology ]
David Huckabay, 4 Aug 2006 @ 8:07pm

Calling BS on this one
My best bud is married to a BritChick, so I have had many opportunities to spend time with her family, friends, etc. Also, I spent time in Britian while in the USN. I don't know that I have ever met a Brit I would call shy - quite the contrary. They all seem very outgoing and friendly. Actually, I think I prefer them to Americans.
[ link to this | view in chronology ]
- NYC_CIVIL, 6 Aug 2006 @ 11:04am
  
  Re: Calling BS on this one
  Just one more thing to contribute to world loathing and self-loathing Americans...
  [ link to this | view in chronology ]
Dave Birch, 5 Aug 2006 @ 3:00am

Hey! Lay off us Brits
I worked on a project, several years ago, putting "loan ATMs" into (if I remember correctly) the southeastern US. I can remember being told then that people didn't mind being turned down by a machine but were embarassed to be turned down by a person. So it's not just us!
[ link to this | view in chronology ]
Andy``, 5 Aug 2006 @ 5:54am

Err...
Tbfh, anyone with financial problems would be embarassed to go into a bank, with lots of people about, and say it out loud. Shyness is nothing to do with it, and saying it does implies the "chronic shyness" affects more than just banking.
[ link to this | view in chronology ]
Tyshaun, 5 Aug 2006 @ 9:50am

It's the barriers....
It's those barriers between the tellers and you. You have to yell just to hear anything. It makes any transaction like placing that transaction on the local radio station for all to hear.
[ link to this | view in chronology ]
Anonymous Coward, 5 Aug 2006 @ 11:43am

I have accounts in both the UK and the USA
and I think that it's much more about convenience than shyness.

To open an account in the USA I just walk into a bank and somebody is happy to help me. In the UK I have to line up for 10 minutes in order to make an appointment, for which I'll have to take more time off work.

In the US I can call my bank and press button 3 to speak with somebody in my branch. Somebody who has the authority to make decisions no less. In the UK I get put through to "Dave" in Mumbai, who can't even understand the question.

It's a fact that, at a time when UK banks are reporting record profits, customer service is at an all time low.

And finally, note that the "research" was paid for by Lloyds TSB. This bank was castigated for a system where it would, when customers missed a credit card payment, send a text message to their 'phone saying "call 0870 xxx xxx to discuss your account". Customers calling the number were immediately asked for their card #, security questions etc. Talk about training your customers to be victims!

Finally, just for the record, I'm a Brit.
[ link to this | view in chronology ]
- claire rand, 7 Aug 2006 @ 4:33am
  
  Re: I have accounts in both the UK and the USA
  and yet all uk banks.. lloyds included tell you not to give details out when you are called or unless you are sure of the number..
  
  cases like this you call the normal banking number, who have no clue anyones trying to get hold of you...
  
  oh and the fraud department is 'non-customer facing' so try reporting it.
  
  plus when they do call you its a 'number withheld'.. yeah right like i'm gunna give you any details on anything..
  [ link to this | view in chronology ]
Anonymous Coward, 5 Aug 2006 @ 9:52pm

i hate brits
[ link to this | view in chronology ]
- d.k., 6 Aug 2006 @ 7:51am
  
  Re:
  Re "i hate brits" - what a valuable contribution. Thank you for taking the time to write on this board. Have you ever left your street? Without your parents?
  Surprising that Lloyds would need to justify e-banking with a study citing "embarrassment" as a key driver for using online tools. You'd think sheer convenience would be a more compelling argument (especially if banking in the UK is still as archaic as it people say it is).
  [ link to this | view in chronology ]
Me, 6 Aug 2006 @ 9:24am

I don't know about embarrassing, but humiliating might be a better word for it ... these days if you want to discuss your debts and errors of financial misjudgement with a 'personal banker' (a.k.a. a slightly better trained bank clerk - no 'bank anager' meetings anymore!), you have to do it in an open-plan office environment right where anyone can hear!

No wonder people would rather handle such issues via a more anonymous medium than in ear-shot of the general public (many of whom might well be your neighbours if you've lived in the kinds of places I have!)
[ link to this | view in chronology ]
rata, 6 Aug 2006 @ 7:55pm

larga vida a la reina!
[ link to this | view in chronology ]
Andrew Strasser, 7 Aug 2006 @ 2:52am

Me I'm not scared to yell it's all their fault!
Normally in America if you do ever have banking issues that would cause you to go to the branch though I'm still wondering where that part comes in. I usually am mad that somehow I've made some stupid math error and was off by 3 cents so they decided to charge me 34 bucks for it. Usually this isn't the best time to be in public when not happy. It's also not wise for you to subject yourself to a situation that you may not be able to handle. This could also add to the shyness factor. They may have percieved it as shyness, though it was more of a I'd rather just have a lil more privacy than yelling for the bank manager to get over there before I strangled his help.
[ link to this | view in chronology ]