Wales Business News

Banks are abandoning the High Street but the Metro Bank unexpectedly remains

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As the pandemic continues to spread throughout the world, the number of economical issues is rising. The financial market is at the center of these economic problems. Almost none of the leading countries’ economy remains stable and their governments work hard to develop new plans and implement new ideas to overcome the crisis and promote economic growth.

Covid-19 generated unprecedented cases that will be remembered in the history of the world’s economics. The stock market is in danger, people are losing jobs, the rate of unemployment is higher than ever and even more. For instance, according to Reuters, oil prices collapsed and crashed below $0 which was the first time in history. Changes like this are yet to come.

Banks during the lockdown

Coronavirus caused a huge impact on the banking system as well. In these difficult times, banks have had enormous roles and they still play a central part in stabilizing the financial system of their users. However, they face several important problems. During the lockdown, they had to start working remotely and help their customers digitally which was a big challenge. Because of this and other barriers to the banking system, not only people but also large companies residing in this area have faced major issues.

One of the most influential financial systems of the world is the UK financial system. They have achieved significant success from trading for years now. But there have been numerous challenges for them in their history. Everyone knows the history of George Soros who is considered as the best forex traders in the world. He broke the bank of England and made billions of dollars as a profit. British Banks now have learned the lesson and this is one of the reasons why they are trying to act carefully and take precautions before they make some life-changing steps.

Metro bank is one of the companies which faced crucial challenges during the lockdown. As BBC reports, Metro Bank is in serious trouble as it lost millions of pounds and still hasn’t found a way of recovering. Financial problems have been the case especially with FX companies in Wales who rely on the smooth process with their banking to satisfy their customer withdrawal and deposit needs. Metro bank is one of the British FX companies.

Welsh population complains about the banks as reduced the quality of their service, shortened working hours and even more, many Welsh banks closed completely during the pandemic and left its consumers without any kind of service. While struggling with the economical issues, one of the problems that bother their customers is that the companies will abandon the high street, and working remotely will become a usual part of their service. However, this concern doesn’t relate to every bank on the High Street and there are exceptions as well.

Metro Bank stands out

Surprisingly, the Metro Bank decided to remain on the High Street and provide full-time service for its Welsh customers. The company hasn’t even closed its branches during the pandemic and continued working full-time, unlike leading British companies. Although their action raises a threat to the health of the workers and the customers, it is a fact that they stand out from others. This is the reason why the Metro Bank has the potential to be considered as one of the best forex traders in the world.

Providing a service 7 days a week for its customers, the founders of the Metro  Bank consider the company’s steps as a success and believe that their decision will raise the bank’s status throughout the world. They based their decision on the survey of the population according to which they prefer face-to-face service and long working hours and more than 50% of them don’t like the idea of the banks working remotely. Metro Bank does the exact opposite as they aim to become the leading Forex traders and this is why they refused to leave the High Street.

However,  the general situation in Wales is still hard, and probably one bank and its success doesn’t have the power of changing the whole situation. In fact, due to these technical issues, the volume of FX trades coming out of Wales has also decreased significantly. Probably, the situation will have a bad impact on the economy of Britain because such a fluke is unacceptable in the UK whose citizens are often considered as the best forex traders in the world and are often indeed the case.

Rhys Gregory
Editor of Wales247.co.uk

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