Bank Of Dave is a new 2023 movie that tell the story of a British businessman Dave Fishwick's journey in creating a new bank to support the local businesses and the local community. The movie is available on Netflix. It is very well produced, funny, entertaining, and has a great story to tell. I found out at the end of the movie that it was based on a true story. I highly recommend watching the movie.
Spoiler Alert: If you have not seen the movie yet, and planning to, please top reading here. This post may include spoilers. Feel free to come back to share your thoughts about the movie after watching it.
Even if the movie wasn't based on a true story, it would be a great movie to watch. Being based on true story it makes it even more interesting, because the story is educational and inspirational. It is thought provoking about our modern banking systems, its flaws, and what could actually make banks beneficial to people they serve. Banks do not have a great reputation, because of their history and practices that often ends of going against the interests of their customers. What movie points out is that there is another way, a better way for banks to operate.
Dave Fishwick is a successful businessmen from Burnley, UK. He runs a very successful business of selling vans. He is also a person who cares about the community and local businesses. Over the years, his clients who are also community members and some have businesses of their own seek Dave's help. When these people were in need Dave helps them by giving them loans. All loans were always paid back in full, and even some gave back Dave more money for safekeepings. Not only Dave is trusted among the community members, he is also actively involved, and engaged with the community. When one of the people whom he helped returns the loan with extra money for investment, the idea is born. Why not create a small bank? Dave has already become a community bank. It seems having an actual bank may benefit the community, and help more local businesses. There would be no such need, if actual big banks did what they were suppose to do in the first place.
Dave is not naive. He has done his research. No new bank has been created in over a century, and attempting to create a new one would be a long shot. The idea makes perfect sense, and is great one, so why not try? Dave hires an expensive law firm to assist him with initial work of putting together the paperwork to apply for a license to open a bank. The law firm accepts Dave's money and his business, although they believe it is a crazy idea and no way this would happen. They send one of their lawyers to Burnley to find out more, meet Dave, and perhaps convince him that this is not a good idea. Dave knows it wouldn't be an easy task to convince a lawyer whom he is paying that the idea is worth pursuing. That is the first challenge to overcome. If he can't convince a lawyer to help him, he probably wouldn't be able to convince the financial agencies about his case.
Hugh, a young lawyer drives to Burnley from London to meet with Dave. Hugh is also skeptical and doesn't believe creating a local small bank is possible. His instructions from his boss is to meet Dave, go through the paperwork, and politely explain that there is no case here and pursuing this idea won't result in anything. However, Dave has different plans. After their initial meeting Dave offers Hugh to show him around the town and meet the people he has helped. After that experience, and seeing the outcome of Dave's loans, and potential benefits this banks can bring to the community, Hugh too is convinced that this is a great idea. Hugh returns to London and explains his boss that Bank of Dave is a great idea, and even if they aren't able to get the license Dave would still get what he wanted, a public acknowledgment from the banking elite that they don't want to see small banks. In other words, they are planning to litigate the case in the court of public opinion. After all, if banks did their job honestly, there would be no need for Dave of Bank of businessman like him to give out personal loans in the first place.
Hugh's boss approves going forward with the case and comes up with the initial step. He sets up a meeting for Hugh with Sir Charles Denbigh, who was a former member of a committee for finance and banking. Their goal is to tell Charles about Bank of Dave as they are seeking advice, but what they want is to him start talking about it to his colleagues. After the meeting that is exactly what Sir Charles does, and is not happy with someone trying to create a community bank.
Hugh goes back to Burnley to prepare all the documents. In the meantime, Dave is arrested for giving out an illegal loan. While all seems not too bad, nothing unethical or criminal done by Dave, technically one load seems to be illegal. It doesn't make sense why, but it is. This information was leaked by Sir Charles, and orders came from London to prosecute Dave on the charge. Once Dave is convicted, although he probably would end up with a small fine, he would no longer be eligible to open a bank. That seems to be the motivation. Hugh brilliantly uncovers this scheme, and is able to convince magistrate that Dave is being targeted by the banking elite. Case was dismissed. First win for Dave and Hugh.
Banking elite or officials meet again to decide how to proceed. They obviously don't to license Bank of Dave. But also don't want to look like villains while media is closely watching the case. So they come up with a different plan. They just want to make it so difficult for Dave to comply with the rules, he would have to give up on the idea voluntarily. A meeting is set up with Dave and the committee officials. To Dave and Hugh's surprise the answer they get is a Yes. Yes, Bank of David is approved, but the catch is Bank of Dave would have to follow all the rules outlined and deposit 12 million pounds as initial capital within 2 weeks. Not only Dave doesn't have that much money, two weeks is not enough to raise money either. They leave the meeting speechless. They didn't expect an approval. But they did get one. Now even with the approval they is no way they can gather 12 million pounds in two weeks.
12 million pounds don't seem a lot for a bank. We would assume Dave should be able to get a loan or get more investors. Bank can be a profitable business, and many bigger companies or entrepreneurs would want to be part of it. But that would defeat the whole purpose of create Bank of Dave. It was planned to be a community bank that helps local businesses. Dave was also planning to donate all profits to local charities. Dave refuses to seek any big donors or partners. He is determined if this is to happen, it would will money raised within the community. The beauty of this idea and the community is there are people who support great ideas and can come up with creative solutions to help each other. Just like Dave helped others, the community is also ready to help him. One of the community members who is in music industry, organizes a big concert with multiple bands performing with the goal of raising money for Dave.
Even if the stadium was filled, the ticket prices wouldn't get the money Dave needs. Dave has another idea, he offers free admission for pre-depositing 100 pounds in Bank of Dave. They would become initial customers and can withdraw their money in six months with interest. So people who are going to the concert have options, either pay full ticket price or deposit a little bit more which will be returned in a few month. Concert is a great success. A lot of people showed up. Media is talking about the phenomenon. It seems Dave of Bank is going o happen. After crunching the final numbers, it looks like they are still short. Dave is grateful that he received so much support and came so close to making his idea a reality. But is not disappointed they have tried and decided to spend rest of the night enjoying the concert on stage.
Hugh became obsessed with the idea as well. Towards the end he does something, it not clear what. But what he did made possible for Dave reach is 12 million goal. My guess is Dave put in his money into Dave's bank as well. Bank of Dave becomes a reality. At the end of the movie, they provide more information about how the bank is doing today. It looks like Bank of Dave is doing great, helping local businesses as intended and also donating all profits to local charities.
It is great to see inspirational stories like this. Overall, banking industry has earned a bad reputation because of their predatory tactics and strategies of indebting people and businesses, instead of providing genuine and honest assistance and partnerships. Bank of Dave shows there is another way, a way for communities to build their own banks to add to the prosperity of local businesses and communities. Let me know your thoughts in the comments.