The queues were very orderly, indeed many were very elderly. They did not trust what those in authority were telling them.
They were here to ensure what they had worked hard for was protected.
By their actions they were seeking change. And through their unplanned co-operation they achieved it!
Berlin or Prague in 1989? Moscow in 1991? Kiev in 2004?
No, Croydon in 2007.....and many other places across the UK.
Northern Rock customers made a judgment call that they wanted security for their money. Current guarantees up to the first £30,000 were not enough for them.
Over then last few days we have seen mass participation in changing a government policy. 1,000's of people were brought together by their individual circumstances.
What are the lessons of the last few days?
For the government, any similar financial crisis nowadays is likely to feature images of elderly people. Many young people either won't have the savings and are more likely to deal with their finances online or by phone. Gone is the era when governments of whatever hue needed to be seen to be tough taking on interest groups. Now it is more likely that it will be facing the general public self-organising. Speed and flexibility in responding will be crucial. The much smaller queues today, demonstrate the announcements yesterday had an effect.
For companies and public bodies, if you get into this situation, you should be making some contingency plans as part of your risk management to engage with your customers in any long queues. Making them feel their concerns are being listened to would be a great start in responding to such events in future.
This is unlikely to be the only time something like this happens. We live in a much more complex world of “just in time” and higher financial commitments, so a crisis in a financial sector in another country (ie sub-prime mortgages in the U.S) can easily have a knock on effect on a building society 3,000 miles away!
Engagement with the public is even more vital in uncertain situations like this!
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