Cows and Wedding Bells: Unique Ways Two Banks are Dealing With The Financial Crisis.

The on-going Financial Crisis has presented new challenges to the way banks around the world operate, reclaim their losses and restore confidence in society. Europa Trust Company looks at how two banks on different sides of the world are facing these challenges using unconventional means.

The Financial Crisis left many banks around the world with huge economic losses and enormous reputation loss. The Crisis has pressurised banks to change their banking attitudes and practices around the world. To deal with the Financial Crisis most banks have either taken a conservative approach, such as the Bank of England responding to borrowing schemes, or more dramatic approaches such as Cyprus’s second largest bank who limited people’s cash withdrawals. Yet two non-Western banks on different sides of the world have successfully created alternative and unique ways to reclaim their losses and restore confidence in their communities.

The Bank of Korea is allowing employees and the general public to get married in their bank. The bank is trying to create a positive effect on people’s general perception of banks. Although the bank had to adapt their building for nuptial ceremonies and hire a consultant to prepare the venue for weddings,The Bank of Korea as successfully redefined it’s role in the community.

On the other side of the world in the southern African country of Zimbabwe the TN Bank has opened its books to a unique kind of banking creating a “Cattle Bank”. Owners of cattle bring in their animals as collateral against loans and for securing deposits with the bank. The animals are assessed for their value by a veterinarian and bank officials. Owners are then issued with the bank’s ‘Certificate of Cattle Deposit’ as proof of a transaction.The bank has restored it’s reputation by reassuring Zimbabweans that despite years of world record inflation their bovine savings are a safer, more stable banking option than conventional means.

Two non-Western banks on different sides of the world have faced the challenges of the on-going Financial Crisis using unconventional means. If the Financial Crisis worsens Western banks will have to consider adapting their banking practices to the banks of Korea and Zimbabwe in reclaiming their losses and restoring the confidence of its customers.