the 2023 Netflix film’s true(ish) story of the impact of better banking
Banking is generally not considered to be a very flashy or sexy topic. Unless you’re in the world of finance, you probably don’t know much about how banks work beyond how much your bank charges for a checking account. Additionally, most people believe they can have very little influence on banking institutions so there’s no point in engaging thoughtfully with them. However, one of the things we emphasize most at Better Banking Options is the impact banking has on every aspect of our lives and communities. Because of this impact, we truly believe that intentional banking can be a radical act- one worth discussing when attempting to divert capital to important works.
When we realized that the importance of community banking is the overarching lesson of Bank of Dave, a rom-com released on Netflix in 2023, we were pleasantly surprised that such an important theme could be centered in a charming and light-hearted film. The movie follows the story Dave Fishwick, a self-made millionaire in England, as he attempts to set up a community bank to fund the small businesses in his mid-sized town of Burnley. The story is loosely based off the real-life efforts of the Englishman, who attempted this feat in 2013 with significant, if limited, success. The movie also follows a fictionalized London junior lawyer, Hugh, who is hired by Fishwick to help get the “Bank of Dave” officially certified.
One point the film makes at the beginning of our journey is that the kind of loans Dave makes are not traditional loans. Most are very small, business loans (microloans) which would undoubtedly be deemed risky by the big banks. For example, when his local busker’s amp dies unexpectedly, Dave loans him the money to buy a new one and has the man pay him back at a rate of two pounds a week. Over the course of the recession, Dave lent the people of Burnley about a million pounds, and none of those loans went bad. He understands that this money is a way for him to invest in his community directly, and experiences the impact his loans have when he’s able to patron the small businesses who received his loan.
Inspired by the impact that Dave has had on his business community and the people in it, Hugh resolves to help get Dave’s bank certified and funded. The main obstacle to achieving their goals is the banking establishment in England, and we’re told the banking regulatory agency (called the FRB in the movie) hasn’t approved a new bank in over 150 years. This establishment is personified by the character of Sir Charles Denbigh, introduced as a highly influential banking expert who serves as our antagonist. At the beginning of the movie, Dave is aware that his hopes of making the “Bank of Dave” are a long shot. His main goal in hiring Hugh is to take the FRB to court and make them say publically that they only want someone already imbedded in the banking establishment to have the right to operate a lending institution.
The movie takes place in the years after the banking crisis and recession in 2008. This informs Dave’s frustration at the state of banking in England- many of his community members were refused any kind of financial support from the banks, the same ones whose speculative trading and greed caused the recession in the first place. But still, after these failures, the same banks tout themselves as the only safe option. Although the villainy of the big banks is exaggerated for the purposes of telling a story with clear heroes, this does illustrate the challenge community banks go up against when providing local community banking services.
Although Sir Denbigh sets Dave up to get charged as a loan shark due to a minor clerical error in the paperwork of his first loan, Hugh is able to prove in court that the charges were brought as a bigger scheme to keep Dave from opening his bank. Expecting to run into more obstacles when applying for certification, they’re instead stunned to find that the FRB requires them to have twelve million pounds of capital, and they have 60 days to get it. Hugh returns to his normal life in London while Dave attempts to scrape together funds.
When Hugh returns to Burnley for the funeral of Dave’s friend, he learns that Dave has been unable to get together the last four million pounds. Just when they think the dream has died, Hugh has the idea to hold a benefit concert to raise the last of the money. This is when we remember that, although educational, this is a lighthearted movie meant to entertain, as the rest plays out very predictably. In real life, the funding of the Bank of Dave wasn’t so smooth or dramatic, but they were able to establish the Burnley Savings and Loans Ltd. and have been providing local banking services since. If you’re looking for the cinematic ending, we’d highly recommend watching Bank of Dave on Netflix yourself.
While a large part of the story is on Hugh’s interest and relationship with Dave’s niece, Alexandra, we haven’t talked much about the romantic part of the story. However, the way Hugh transforms over the course of the story as our main protagonist is noteworthy, because it’s clear it’s not just about the budding relationship. It could not be more clear how unhappy and unconnected Hugh is at the beginning, but the community of Burnley and Dave’s persistence in helping them transform him. He is a happier and less isolated man when the town embraces him and, in turn, he embraces them back.
Bank of Dave is about more than just banking, just like this blog is about more than just banking. When we mobilize our local capital and pour it back into the community it comes from, this creates a cycle of wealth building that directly impacts our neighbors. This creates better places to live and happier people to live with. Although not all of us may have a local community bank which does great work like the Burnley Savings and Loans, we can embrace the message of the movie by being more intentional about our banking practices and supporting our local businesses. And if you do know of a Better Banking Option near you, move your deposits today and start making a difference with them. It’s what Dave would do!
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