Paul Riseborough, co-author of Naked Banking, appears on TalkRADIO
Last weekend, Paul Riseborough, one of the co-authors of Naked Banking, appeared on Alexis Conran’s talkRadio show.
The Radio Hustle with Alexis Conran provides advice to avoid scams and “stop you getting Hustled,” a perfect fit for Naked Banking as the book lifts the lid on the tricks that retail banks play on us and what we can do avoid them.
Joined by guest Ron Delnevo of ATM Industry Associations, the trio discuss ATMs, cash as opposed to contactless, and the future of banking.
Paul discussed the book, the problem with modern banking and ways around it, including inverse-tiering on current accounts, teaser interest rates, reading the small-print.
Asked about bank profits and whether they are struggling, Paul says “our view is that it’s good to make money from customers [only] if customers understand how you’re making money, as a fair value exchange.”
Discussing BitCoin, Cryptocurrency and banks, Paul said: “All this good technology is actually going to make banking a lot easier. Banks need to embrace that, it’s great. BitCoin itself and the value for it over the last couple of months is not something for the average investor, it’s not very controlled… Cryptocurrencies generally, they’re interesting, the industry needs to learn about them, but the underlying technology is in many ways much more interesting.”
Naked Banking explains how products are designed to “rip customers off,” why banks are cutting branches they know their customers rely on and what “product innovation” really means.
The book arms readers with the knowledge to fight back and explains how individual customer behaviour – the way we think and act when it comes to our personal finances – actually plays into the hands of the big banks. Bankers know customers have blind spots and biases, so develop products to take financial advantage of them.
Naked Banking is available here.
Listen to Paul Riseborough on talkRADIO here.
Tags: banking, naked banking, paul riseborough, radio, talkradio
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