Welcome!

Blog Feed Post

Brits Get More Honest With Age

Monday 30 June, 2014
As TSB launches the next in a series of animations designed to 'lift the bonnet' on how the bank operates, new research reveals that the vast majority (95 per cent) of brits still believe in the old adage that honesty is the best policy, while it would seem greater honesty is something that comes with age. The research1 conducted on behalf of TSB reveals that people over the age of 65 are nearly twice as honest as their counterparts more than 40 years their junior, with 69 per cent saying they tell a lie less than once per month, compared with 36 per cent of 18-24 year-olds. When looking at why people might feel the need to lie, over four fifths (83 per cent) said it is due to 'white lies for the greater good', with just seven per cent of people claiming they lie to get ahead in life. Notably, the research also found that people are more likely to be honest with their GP than their dentist or sibling. When asked who people would feel comfortable lying to, they said: Dentist – 25 per cent. Sibling – 19 per cent. GPs – 17 per cent. Best friend – 16 per cent. Mum – 16 per cent. Dad – 14 per cent. Own children – 14 per cent. Encouragingly, half (50 per cent) of respondents said they would not be comfortable lying to any of the above. When looking at how customers view companies' honesty, the study reveals that 85 per cent of people have greater trust in businesses if they are open and transparent about the way they operate. It is therefore unsurprising that 82 per cent of people would like big businesses to provide more clarity over how they operate, including how and where they make money. Transparency drive at TSB Bank In contrast to the research showing greater honesty comes with age, TSB – Britain's newest high street bank – is once again committing to a transparent and honest approach with customers by releasing a new two-minute animation showing exactly how it makes money from bank accounts. The animation forms part of the recently-launched Truth and Banking hub – a new portal designed to help people understand exactly how TSB works, and how it uses its customers' money. Titled How TSB Makes Money from Current Accounts , the animation explains the four key areas where it makes money: 1. Earning interest by using money from the balances of its bank accounts to lend to other customers and small businesses across Britain. 2. Fees and interest from overdrafts . 3. Monthly fees from 'Added Value Accounts' . 4. 'Interchange' fees from retailers that offer debit card payments in their shops. Furthermore, it explains how these sources of income contribute to the running of the bank, such as the provision of secure internet and mobile banking services, running a national cash machine network and the supply of millions of debit cards. Pester, TSB Bank plc's CEO, said: “We believe honesty and transparency is important, and our research reinforces this, showing that honesty plays an important role in society and the way people like to be treated as customers. “Not all big businesses – including banks – think the same. TSB is different from other banks. Being open and transparent is really important to us and we want our customers to understand how TSB works and how we use customers' money. We appreciate it's not always easy to understand how a bank works or how it makes money, so we've created a short and simple-to-understand animation to unravel that mystery. We want to lift the bonnet on our bank and demonstrate to people that we are different.” The new animation is a sequel to TSB's first film How We Make Money . A third – How Saving With TSB is Different – will be revealed soon. Features of Truth and Banking As well as the How We Make Money animation suite, Truth and Banking features the TSB blog and Twitter widgets for @PaulPester (TSB's CEO) and @TSB . This transparent approach ensures customers will have access to everything they need to know about TSB in one place. Pester continues: “Truth and Banking is our way of showing people how – even though we are a bank – we don't need to be a mystery. We will make TSB as transparent as possible and the hub helps customers see this.” - Ends - For more information, please contact: Roy Beale TSB Bank plc E: [email protected] T: 07867 349319 Anthony Hua TSB Bank plc E: [email protected] T: 07741 291505 @TSB_News Notes to Editors: The How TSB Makes Money from Current Accounts animation can be viewed at http://youtu.be/jxGYOcq3omk . Transcript: It's not always clear how banks make money from current accounts. Well TSB isn't like other big banks. And they're happy to explain exactly how they do. TSB makes money from current accounts in four key ways: On average a typical TSB customer keeps over £1,000 in their account. TSB uses this money to lend to other customers and small businesses across Britain. The bank earns income from the interest those people pay for borrowing that money. Just over a third of TSB's customers use an overdraft every year. Some of them pay fees and interest when they do so. Around 15% of customers have what's known as an 'Added Value Account', for which they pay a monthly fee in return for additional benefits and preferential services on top of the basic banking service. And lastly, when customers use their debit card in retailers to buy goods and services, the retailer pays a small fee (called an interchange), for the security and convenience of accepting payment by card. These sources of income contribute to TSB's total income, from which they run the bank. That includes some costs that are specific to current accounts. Things like paying interest to people who have an interest-bearing account, providing secure internet and mobile banking services, running a national cash machine network and supplying millions of debit cards. Not to mention employing the thousands of people in their branches and call centres who help their current account customers on a daily basis. Any profit the bank makes after these costs are taken into consideration are either retained for future investment or returned to shareholders. The bank's board decides which. So, for TSB, current accounts are a key part of making sure they're in the best possible position to be an economic force for good in the local communities their customers live and work in. Which, after all, is what Local Banking for Britain is all about. [1] Research conducted on 1,000 respondents on 16 April 2014 by Vision Critical.


Distributed by http://www.pressat.co.uk/

Read the original blog entry...

Latest Stories
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
In this presentation, Striim CTO and founder Steve Wilkes will discuss practical strategies for counteracting fraud and cyberattacks by leveraging real-time streaming analytics. In his session at @ThingsExpo, Steve Wilkes, Founder and Chief Technology Officer at Striim, will provide a detailed look into leveraging streaming data management to correlate events in real time, and identify potential breaches across IoT and non-IoT systems throughout the enterprise. Strategies for processing massive ...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to ma...