David Fishwick Live On B B C Breakfast Talks About The New Remastered Netflix Series Bank Of Dave

Bank Of Dave

18 Jun 202308:07

Summary

TLDRDavid Fishwick, a businessman from Burnley, took on the challenge of establishing his own community bank, Burnley Savings and Loans, to address the needs of those unable to borrow from traditional banks. His story inspired the film 'Bank of Dave' and a documentary that has been remastered and released on Netflix. The series highlights the importance of community banks in providing affordable credit and explores the current banking crisis, with banks collapsing in 2023. Fishwick's efforts have lent over £30 million to individuals and businesses, showcasing the potential for community-focused banking as a viable alternative to the traditional system.

Takeaways

🚀 David Fishwick, a businessman from Burnley, decided to address the banking crisis by setting up his own community bank, Burnley Savings and Loans, which has now been remastered and is available on Netflix.
🎥 The original documentary following David's journey, which inspired the film 'Bank of Dave', has been updated and released on Netflix, showcasing the ongoing relevance of community banking.
🏦 The series highlights the need for community banks, especially in the wake of the 2008 financial crash and the current banking crisis in 2023, where high street banks are struggling again.
💰 David's bank has lent over £30 million to individuals and small businesses that could not secure loans from traditional high street banks.
📈 The documentary features Diane, who received a loan from Burnley Savings and Loans to expand her dog bakery, emphasizing the positive impact of community banks on local businesses.
🇺🇸 'Bank of Dave' has gained popularity in the UK and has been released for a cinematic screening in the USA, with David invited to promote it.
🎤 Dave's story has reached Parliament, with discussions on the importance of community-focused banks and non-bank lenders in providing affordable credit.
📉 The script mentions the recent banking issues, such as Silicon Valley Bank and Credit Suisse, and the withdrawal of $100 billion from American banks in one week due to fear of a bank run.
💸 Dave advocates for individuals to become their own banks, managing their savings and loans to offset debts and mortgages, instead of relying on traditional banks that offer minimal interest.
📊 The script contrasts the current low-interest rates on savings accounts with the high inflation rate, highlighting the diminishing value of money saved in traditional banks.
🤝 Dave's ongoing efforts include meeting with politicians and treasury secretaries to promote the model of community banks as a solution to the banking crisis.

Q & A

Who is David Fishwick and what did he decide to do in response to a problem?
-David Fishwick is a businessman who decided to tackle the problem of banking by setting up his own bank, inspired by the 2008 financial crash.
What is the film 'Bank of Dave' based on?
-The film 'Bank of Dave' is based on the true story of David Fishwick, a minibus dealer who set out to do a better job than the country's top bankers by establishing his own community bank.
How has David Fishwick's journey been documented and shared with the public?
-David Fishwick's journey has been documented in an original documentary which has been remastered and is now available on Netflix.
What is the significance of the re-release of the series about Burnley Savings and Loans?
-The re-release of the series is significant as it highlights the ongoing relevance of community banks, especially in the context of banks collapsing in 2023, emphasizing the need for community-run financial institutions.
How has Burnley Savings and Loans benefited local businesses like Diane's?
-Burnley Savings and Loans has provided loans to local businesses, such as Diane's dog bakery, enabling them to grow and expand when they couldn't get support from high street banks.
What is the total amount of money that Burnley Savings and Loans has lent to people and businesses?
-Burnley Savings and Loans has lent over 30 million pounds to thousands of people and businesses.
Why is Dave Fishwick going to the USA?
-Dave Fishwick is going to the USA because the 'Bank of Dave' movie has been successful on Netflix and has received a cinematic release there. He has been asked to help publicize it.
What concerns does Dave Fishwick raise about the current banking system?
-Dave Fishwick raises concerns about the lack of lending by big banks, the high interest rates, and the bonus culture that led to banks going bust while bankers received large bonuses.
What is Dave Fishwick's suggestion for individuals to take control of their financial future?
-Dave Fishwick suggests that people should become their own banks by taking responsibility for their savings and using it to pay down loans, similar to an offset mortgage, to avoid paying high interest rates elsewhere.
What is the current situation regarding the UK banking system according to the Bank of England?
-According to the Bank of England, the UK banking system is well capitalized and efficient. However, there have been significant withdrawals of cash from American banks, indicating fears of a bank run.
What is the next step for Dave Fishwick and his advocacy for community banks?
-Dave Fishwick is meeting with the Treasury Secretary following a promise by Rishi Sunak, to discuss the potential for community banks like Burnley Savings and Loans to be the way forward for the financial system.

Outlines

00:00

🏦 The Inspirational Journey of Bank of Dave

This paragraph introduces the story of David Fishwick, a businessman who decided to establish his own bank to address the shortcomings of traditional banking systems. His tale inspired the film 'Bank of Dave' and a documentary that has been remastered and is now available on Netflix. The narrative follows David's endeavor to outperform established bankers and explores the potential future of community banking. The paragraph also touches on the 2008 financial crash and the current banking crisis, emphasizing the need for community banks that cater to local needs, as exemplified by Diane's Ruby's Dog Bakery, which benefited from a loan from Burnley Savings and Loans.

05:00

💡 The Need for Community Banks and Dave's Advocacy

This paragraph discusses the critical role of community-focused banks and non-bank lenders like Burnley Savings and Loans in providing affordable credit access to everyone. It highlights the ongoing banking crisis and the need for change in the system, as acknowledged by the Prime Minister. The paragraph also covers Dave's efforts to bring attention to these issues, including his meetings with government officials and his trip to the USA for the cinematic release of the 'Bank of Dave' movie. It emphasizes the importance of community banks in the current economic climate, where large banks have stopped lending and small businesses struggle to survive.

Mindmap

Keywords

💡David Fishwick

David Fishwick is a businessman who decided to address the banking system's shortcomings by setting up his own community bank. His story is central to the video's narrative, showcasing an individual's initiative to tackle systemic issues in the banking sector. The film 'Bank of Dave' and the documentary series are based on his journey.

💡Bank of Dave

Bank of Dave refers to the community bank established by David Fishwick, which is designed to provide fair and accessible financial services to local individuals and businesses. The bank's operations and philosophy are highlighted in the video as a contrast to traditional banking practices.

💡Community Banking

Community banking refers to financial institutions that are owned and operated by the communities they serve, with a focus on meeting the needs of local individuals and businesses rather than profit maximization for shareholders. The video emphasizes the importance of community banks in providing affordable credit and supporting local economies.

💡2008 Financial Crisis

The 2008 financial crisis was a global economic downturn that began in 2007 with the collapse of the housing market in the United States, leading to a severe international banking crisis and the Great Recession. The video references the aftermath of this crisis as a backdrop for David Fishwick's decision to start his own bank.

💡Netflix

Netflix is a global streaming service that offers a wide variety of films and television series. In the context of the video, it has remastered and released the original documentary series about David Fishwick's journey to establish his community bank, bringing it to a wider audience.

💡Banking System

The banking system refers to the network of financial institutions and the regulatory framework that allows for the conduct of financial transactions, including lending, borrowing, and savings. The video critiques the traditional banking system for its failure to adequately serve communities, leading to the creation of alternative models like community banks.

💡Interest Rates

Interest rates are the percentage of the loan amount that a borrower must pay to the lender in addition to repaying the principal. They are a crucial aspect of banking and lending, affecting the cost of borrowing and the return on savings. The video emphasizes the importance of fair interest rates, which are central to the Bank of Dave's mission.

💡Bailout

A bailout refers to financial assistance provided to failing companies or economic sectors to prevent bankruptcy or collapse. In the context of the video, it relates to the large sums of money required to save banks during times of financial crisis.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, leading to a decrease in the purchasing power of money. The video touches on the impact of inflation on savings, highlighting the low interest rates offered by traditional banks as insufficient to keep up with inflation.

💡High Street Banks

High street banks are the major retail banks with branches located on main commercial streets in towns and cities. They are part of the traditional banking system and are often criticized for their lack of personalized service and high fees. The video contrasts these banks with community banks like the Bank of Dave.

💡Community Focus

Community focus refers to the approach of prioritizing the needs and well-being of the local community in business or service provision. In the context of the video, it highlights the importance of community banks that are run by and for the benefit of the community, as opposed to profit-driven corporate banks.

Highlights

Businessman David Fishwick decided to tackle the banking problem by setting up his own bank.

David's story inspired the film 'Bank of Dave' and a documentary that has been remastered and is now on Netflix.

The minibus dealer from Burnley aimed to outperform top bankers and potentially change the future of banking.

The documentary series returns as banks are collapsing again in 2023, with a worse crisis than the 2008 financial crash.

Community banks like Burnley Savings and Loans are needed to provide affordable credit access to everyone.

Diane, who runs a dog bakery, received £4,000 from Burnley Savings and Loans to get an oven, highlighting the community bank's impact.

Dave's bank has lent over £30 million to people and businesses unable to borrow from high street banks.

The series 'Bank of Dave' addresses the need for fair and reasonable interest rates for small businesses.

Dave's concerns over banking reached Parliament, emphasizing the role of community-focused banks and non-bank lenders.

The 'Bank of Dave' movie has been successful on Netflix and has led to a cinematic release in the USA.

Dave's enthusiasm and spirit are evident in his efforts to promote the movie and his banking model in the USA.

The remastering of the documentaries by Netflix included additional content and removed advertisements.

The banking system is facing similar issues as before, with banks crashing and failing, despite claims of being capitalized and efficient.

Dave suggests people become their own banks to take responsibility for their savings and pay down loans more effectively.

Inflation and low-interest rates on current accounts are causing people's money to lose value.

Burnley Savings and Loans aimed to provide the best interest rates on the High Street and lend to those unable to borrow from traditional banks.

Dave continues his efforts by meeting with politicians and the treasury secretary to promote community banks.

The need for community banks is emphasized to benefit communities rather than the bonus culture of traditional banking.