Trends have surfaced lately that seem to indicate a monumental lack of trust in our banks. That is, if you’re asking the average American.
Consider, for example, the 1980 study which found that over 60% of Americans with bank accounts had trust in their banks. Believing the banks to be backed by physical deposits, safeguarded from failure, and likely to remain solvent were the factors most heavily weighed when defining “trust.”
Fast forward to 2014, and only a third of those surveyed in a broadly similar study to the 1980 one claim to have confidence in their banks. This is, perhaps, understandable. The banking industry did indeed suffer major collapses prior to 2010, when things started looking upwards again for the U.S. economy.
While there are innumerable factors that no doubt contributed to the rebounding of our economy, the bounce back can most certainly be partially attributed to the software systems used by banks and other institutions. In times after the crash of 2008, the tools used by the financial industry to value and protect their assets (which make up the collective health of our economy) became much stronger.
For example, one particular type of software that is used extensively in the financial sector that has improved significantly since the crash is business valuation software. Banks and other agencies use small business valuation software because it offers a very secure, accurate method of assessing the true value of a business.
This makes managing a business’s books much easier, allows businesses and banks to run more efficiently, and allows for the tracking and securing of money to be a much more streamlined process than it ever has been before.
Small business valuation software has been around long before the crash, though the improvements made to hardware platforms and the benefits touted by those who use the software have made it much more popular in recent years. Businesses are able to work with much more accurate numbers when dealing with their banks than ever before.
A byproduct of their accuracy, small business valuations are actually directly affected by the fact that a business or agency has requested one.
Banks and businesses are a lot safer today than they were less than a short decade ago.