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In today’s world, most people look for security more than outrageous returns. And saving is indeed safe. Real banks, savings and retail banks, offer what other banks can’t: real banking for real people. They don’t gamble away your savings in the markets. They invest them in the community by granting loans to you and your neighbours: households and SMEs.
Developed countries can learn a lesson from developing countries in this context. The projects carried out by WSBI with funding from the Bill & Melinda Gates Foundation to double the number of savings accounts in 10 African, Asian and Latin American countries have all shown that people are willing to go great lengths to save money and that adequate use of technology and state-of-the-art distribution methods can lead to savings products that are not only useful for the clients but also profitable for the financial institutions.
Every year on 30 or 31 October, World Savings Day calls attention to the importance of savings for modern economies and individuals alike. WSBI established World Savings Day in 1924 to inform people all over the world about the advantages of saving their money in a bank rather than keeping it under their mattress. Today it’s an annual tradition in several countries, a day to celebrate and campaign to encourage savings – and who better to spearhead the effort than WSBI and ESBG members? They are retail banks specialised in mobilising savings to grant credit to private customers, SMEs and local authorities. Over the years, they have acquired expertise and combined it with modern technology, allowing them to collect even small amounts of money and maintain it in an affordable savings account.