Top 5 Tips on choosing a Bank in Greece

banks in greece tips04 January 2017

With a tremendous amount of increase in the number of banks in Greece, the required number of world class services required in banks has also gone high in Greece. Initially, when the banks were formed, it was only meant for those who had enough money to keep in banks. But with the changed virtue of the banks over the years, we can now see banks even in the smallest possible villages. However, some of these banks go on to fold and people’s monies are  forever gone making  it is very important for one to take the pains to check out banks inside out before they can trust such banks with their monies, such that scary stories would not be told  about their monies at the end of the day. Hence these are 5 strong tips one should bear in mind while choosing a bank in the business minded country of Greece.

*A BANK WITH A HISTORY OF VERY GOOD MANAGEMENT

When choosing a bank in Greece, bearing in mind all the issues they encounter with Europe and borrowing, it would be wise to do some background studies on  the history of the management of a bank, how efficient and strong it is before lodging your hard earned cash into their accounts. A manager exists to do one thing… manage. This involves coordinating, developing, communicating, and following up with their team to achieve the goals set by upper management, this may sound easy but it’s definitely not easy, because of the alarming rates banks are using to crash in Greece!!

*A BANK WITH GOOD RESOURCE MANAGEMENT SOFTWARE

Managing the available resources of a bank efficiently is the primary role which is assigned to managers. It was tedious earlier, but nowadays automated solutions have taken most of the paperwork due to the demand of seriousness in handling money in this 21st century. There are many resources available to a company that a manager has to effectively coordinate in order for the company to succeed. These resources may include manpower, finances and information technology. In the past, managers worked in an environment that was full of paper. This was at times inconvenient especially when it came to looking through these papers to access the relevant information. It was frustrating as well as time-consuming for the managers. This issue and the complexity of the resource management led to the development of  resource management software that has greatly assisted in enhancing the way that the managers coordinate and allocate these resources which have gone a long way in enhancing the efficiency and accuracy of the managers as well as ensuring maximum utilization of the available resources, however many banks in Greece still get this wrong, so do well to ask around for a bank that has the very best of resource management software.

*CHOOSE A BANK WITH LESSER BRANCHES

Greece is currently rowing with the other members of the eurozone about the conditions of its bail-out, raising the spectre of liquidation crisis. And banks are expected to cut costs, by closing branches and shedding assets, such as National Bank of Greece’s Turkish subsidiary, Finansbank.

Banks with lesser branches tend to be efficiently managed and avoid lots of costs which make them to still be in business, rather than having branches all over the world which are badly maintained, then loose financial security and fall into a crisis. Hence, it’s advisable to choose a bank with lesser branches.

*CHOOSE A BANK THAT HAS TIES WITH THE GOVERNMENT

It’s no news that Greece is facing one of the greatest economic meltdowns since its history, and some of its causes are due to the fact that the government spends too much, employs too many and gets too little out of both. Economic analysts forecast that the government would not stop doing this, because of reasons best known to them. Also, the government in Greece rolls out one economic policy after the other which simply goes on to harm most of the growing & vibrant banks in Greece. Hence, it would be wise to work with a bank that is a friend to the government or rather top officials of the present government, so that they would be involved in making key decisions which would help them stay afloat.

*INTERNATIONAL RECOGNITION

It’s not a myth that any bank which has international reputation and recognition, is too big to fail, this is quite a powerful tip. Because a lot of interest and favours from all over the world would depend on such banks and would never be allowed to fail due to the negative ripple effect it would create. An example of such bank is the Piraeus Bank, which is the country’s second-largest lender. Which even the government in Greece protects their interest.

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