Business is booming.

High street banks must club together for the common good


It is sad but true that the latest round of branch closures by TSB came as little surprise, even though it is the bank’s third round of cuts in less than three years.

From 475 branches in 2019, TSB will be down to 220 by mid-2022. Other high street banks have taken similar swings of the axe to their networks, reducing the total number of branches in the UK from 8,974 in 2015 to 4,624.

It is most welcome that the industry’s Access to Cash Action Group, chaired by Natalie Ceeney, is expected to formulate proposals for meeting the needs of those customers, many of them vulnerable people, who depend on local branches for cash and other services.

The proposals, due to be released on December 15, are expected to back the commonsense solution of shared bank hubs in locations where individual bank branches are no longer considered viable.

As a longstanding campaigner for bank access, I can say that this intervention comes not a moment too soon. The larger towns and urban centres being robbed of their branches are home to many people who rely on cash and face-to-face contact, including small business owners, market stall traders and local charities, as well as the financially vulnerable.

Moreover, for the likes of Barclays, Lloyds, NatWest and the smaller TSB, multi-bank hubs offer a realistic way of competing in the mass retail market against digital newcomers such as Monzo, Starling and Revolut.

Following the Treasury’s consultation on access to cash, which concluded in September, there will be legislation next year to protect access to local banking. But I fear it may not be soon enough or strong enough to stem the tide of branch and ATM closures nor to ensure sufficient hubs to meet the escalating need.

The hub model in which different providers of banking services share premises has long been operating in the US and working examples exist elsewhere in the world.

In the UK, with industry support and government approval, two pilot schemes were successfully run for six months to October, using post office systems but located in non-post-office premises. Both pilots are now extended for 18 months — one in Rochford, Essex, and the other in Cambuslang, Lanarkshire.

Much bolder moves are overdue as 150 larger towns are already down to 1 or zero bank branches.

In these larger, previously multi-banked, communities a post office alone is not always suitable. A bank hub can be sited in any secure and accessible space, where personal and small business customers of the major banks can come for deposits, change and withdrawals.

These services can be augmented, as in the current pilot, by weekly rotas of daily surgeries by laptop-enabled bank representatives to satisfy those less frequent financial needs which many people like to handle face-to-face.

These include opening accounts, the processes linked to bereavements and powers of attorney, replacement cards, changes to direct debits and mandates plus arrangements for large payments and cash withdrawals.

Open sessions on debt, money management, citizens’ advice and digital banking could also find a natural home in the neutral bank hub.

The current two pilots depend on Post Office systems, but there are alternatives, such as the Link technology which enables usage of ATMs by different banks’ customers.

For high street lenders this is not about doing the customers a favour — but developing viable strategies to fight off digital-only rivals.

Having abandoned many of the structures and services that distinguished one bank from another, and withdrawn altogether from most small rural communities, the high street banks are left with “identikit” operations in larger town centres which remain expensive to run.

The current strategy of reduced opening times and restricted counter access in a feeble, unpopular attempt to reduce costs simply drives more of us to go digital, willing or not.

It’s not just poorer communities that suffer but affluent places with plenty of wealthier customers. Take Harpenden in Hertfordshire, a thriving town of 32,000, which has lost, or is in the process of losing, four of its six banks. The remaining two appear to be at risk, having already reduced services and opening times.

The bigger high street bank networks, currently running with 500-750 branches each after savage cuts, are well on the way to perhaps 400 full-service branches apiece, confined to busy city centres.

To sustain their vital differentiating factor — the availability of face-to-face customer contact — and to do so cost effectively, the big networks need to move quickly, rolling out bank hubs.

Certainly, traditional banks, which can still realise net annual savings of up to £250,000 per branch closed after contributing to hub costs, do need to shut more branches.

But to all close their doors in locations without offering adequate alternative provision is unacceptable and does not make business sense. High street banks need to act soon, before it is too late.

Derek French is a former retail bank executive and a former director of the Campaign for Community Banking Services (1998-2016)

Source link

  1. Vltigh says

    order levaquin online cheap purchase levaquin sale

  2. Fakozl says

    order avodart 0.5mg sale dutasteride sale buy ondansetron 4mg without prescription

  3. Jyxdro says

    aldactone 100mg brand purchase propecia online fluconazole online buy

  4. Zsaukr says

    buy generic acillin erythromycin cheap brand erythromycin 500mg

  5. Aiglsc says

    buy sildenafil 100mg pill order robaxin generic robaxin 500mg pills

  6. Jdyhyj says

    sildenafil for sale online sildenafil 100mg usa estrace 2mg over the counter

  7. Mdtjdl says

    lamotrigine ca mebendazole for sale tretinoin gel brand

  8. Ktbumq says

    tadalafil 10mg price voltaren 100mg uk diclofenac pill

  9. Zvrkdk says

    isotretinoin 40mg price accutane 40mg tablet zithromax 500mg brand

  10. Iyiwuf says

    order indocin 75mg generic buy terbinafine 250mg pill order amoxicillin 250mg

  11. Iewncs says

    cialis tadalafil 5mg ed pump sildenafil us

  12. Mceqin says

    anastrozole order Us pharmacy viagra sildenafil next day delivery

  13. Rsrmod says

    cialis 5mg sans ordonnance en france cialis comprimГ© sildenafil 100mg generique pas cher

  14. Aiclem says

    order deltasone 10mg generic tadalafil 40 mg viagra sildenafil

  15. Drkmnn says

    tadalafil 20mg kaufen generika original cialis 5mg rezeptfrei sicher kaufen sildenafil kaufen generika

  16. Snxngw says

    purchase accutane generic stromectol 6mg brand ivermectin 12 mg pills for humans

  17. Jxinmi says

    buy provigil 100mg pill Buy discount cialis online diamox for sale online

  18. Zhyslj says

    doxycycline us lasix 40mg for sale order furosemide generic

  19. Zeyxpb says

    order altace 10mg order azelastine 10 ml sprayers buy astelin generic

  20. Bacilw says

    clonidine pill generic meclizine 25 mg buy spiriva 9mcg pills

  21. Azwewt says

    buspar 10mg us cheap oxybutynin 2.5mg order ditropan online

  22. Tmanvv says

    order terazosin 5mg pills buy terazosin sale azulfidine 500mg us

  23. Dcgpxz says

    purchase alendronate generic order panadol 500mg sale generic pepcid 20mg

  24. Ynoypn says

    benicar 10mg ca diamox pills acetazolamide brand

  25. Nmijuj says

    order prograf 5mg for sale buy trandate 100mg online cheap ursodiol uk

  26. Yhvvcs says

    imdur sale order imdur online cheap telmisartan

  27. Uxgfnt says

    order bupropion 150 mg generic zyrtec 5mg brand buy quetiapine 100mg sale

  28. Nckwwr says

    purchase molnupiravir molnupiravir canada purchase prevacid online

  29. Vxagct says

    order zoloft 100mg online buy sildenafil 200mg sale viagra us

  30. Saduww says

    order salbutamol 100mcg pantoprazole medication viagra for sale online

  31. Ocgetb says

    purchase cialis Cialis overnight shipping buy generic sildenafil

  32. Lsakop says

    cheap tadalafil buy cialis 10mg online cheap amantadine 100 mg pills

  33. Tolwza says

    order naltrexone without prescription femara 2.5mg us cheap aripiprazole 30mg

  34. Yeuoum says

    order dapsone pill avlosulfon 100 mg without prescription order perindopril 8mg online

  35. Rpzfba says

    brand medroxyprogesterone 10mg periactin 4mg over the counter cyproheptadine 4mg pills

  36. Cfdqqu says

    cost modafinil 100mg canada drug pharmacy stromectol canada

  37. Qavluk says

    order fluvoxamine 100mg sale luvox 50mg cheap buy glucotrol 10mg online cheap

  38. Cjiwlq says

    accutane drug brand accutane prednisone 10mg cheap

  39. Wsmprx says

    piracetam over the counter buy nootropil 800 mg pills order viagra generic

  40. Gkafxf says

    order generic zithromax 500mg buy azithromycin sale neurontin 600mg sale

  41. Kxlwfu says

    cialis overnight viagra 50mg generic generic viagra 50mg

  42. Laonim says

    purchase lasix generic order doxycycline 200mg generic order plaquenil 200mg without prescription

  43. Iotrfz says

    oral cialis order clomipramine sale clomipramine 25mg us

  44. Iokivz says

    purchase chloroquine online cheap cenforce 100mg uk olumiant order online

  45. Szehaz says

    purchase sporanox sale buy tinidazole 300mg pill tinidazole online

  46. Uxfflw says

    buy glucophage 1000mg sale buy lipitor 20mg online cheap order cialis 40mg pills

  47. Zjdrjf says

    order norvasc 5mg for sale sildenafil mail order cialis 40mg pill

  48. Quasjm says

    purchase clozaril online clozaril 50mg uk decadron for sale online

  49. Wpbvzb says

    viagra buy online sildenafil overnight cheap lisinopril 10mg

  50. Oowawl says

    cost prilosec hire essay writer real money online casino

  51. Grnxij says

    metoprolol pills levitra 10mg pill buy vardenafil 10mg generic

  52. Blgjen says

    editing essays blackjack online money free online blackjack no download

  53. Bijzeg says

    levitra 10mg generic order pregabalin 75mg pills buy medrol pills

  54. Lquxre says

    write my assignment for me write my thesis order sildenafil for sale

  55. Wwddbw says

    clomiphene 50mg cheap roulette wheel online play roulette

  56. Gyrmib says

    order cialis 10mg pills tadalafil 5mg us buy sildenafil 50mg sale

  57. Ezovtq says

    aristocort without prescription clarinex sale clarinex order online

  58. Ajvlmu says

    dapoxetine 60mg for sale purchase cytotec pill buy levothyroxine for sale

  59. Pyndzd says

    buy tadalafil 10mg generic buy viagra 100mg online cheap pfizer viagra 50mg

  60. Xvfzvy says

    orlistat 120mg cost buy diltiazem online buy generic zovirax 800mg

  61. Ktadjn says

    buy tadalafil 40mg pill order generic inderal cheap plavix 150mg

  62. Frcljg says

    generic zyloprim 300mg buy crestor sale ezetimibe brand

  63. Lenxfx says

    brand methotrexate warfarin generic metoclopramide generic

  64. Uzvdso says

    buy domperidone 10mg generic generic domperidone cyclobenzaprine 15mg over the counter

  65. Lfrxia says

    losartan 50mg drug order topamax 200mg generic topamax 200mg for sale

  66. Fvuxkh says

    buy ozobax generic ketorolac oral toradol 10mg generic

  67. Jwcsbn says

    order imitrex 25mg pill levofloxacin for sale dutasteride online buy

  68. Baeraa says

    order colchicine sale roulette online real money blackjack online money

  69. Dhzcrk says

    ranitidine price buy celebrex 100mg generic celebrex 200mg brand

  70. Jhsidx says

    flomax 0.4mg pills order generic zofran 4mg buy spironolactone 100mg generic

  71. Atvdaf says

    order cialis 40mg without prescription buy ciprofloxacin 500mg online cheap buy cipro 500mg generic

  72. Spckbi says

    order generic simvastatin valacyclovir 500mg generic proscar over the counter

  73. Ombfzk says

    metronidazole over the counter buy metronidazole 200mg sale order bactrim 480mg for sale

  74. Jbztcr says

    buy fluconazole pills buy fluconazole 100mg sale sildenafil 200mg price

  75. Awekcn says

    order keflex 500mg online order cephalexin 125mg pills erythromycin 250mg sale

  76. Giqkcc says

    viagra 100mg pills for men buy viagra 50mg for sale order cialis 5mg online cheap

  77. Xdiros says

    cefuroxime tablet brand bimatoprost purchase robaxin generic

  78. Tymqyg says

    blackjack for money cialis 20mg for sale cialis 5mg pill

  79. Kzwkot says

    buy trazodone 50mg pills order desyrel 50mg online buy aurogra 50mg for sale

  80. Luwfcx says

    research paper assistance help with essay writing ivermectine

  81. Pgoxpc says

    sildenafil mail order order estrace 2mg buy lamotrigine 50mg generic

  82. Ntnmph says

    deltasone 40mg tablet isotretinoin generic order amoxil 1000mg pills

  83. Wmrfza says

    price viagra order sildenafil 50mg without prescription buy tadalafil 10mg generic

  84. Ldaoem says

    red dog casino best online casino usa cialis 5mg oral

  85. Ykfktr says

    azithromycin 250mg uk prednisolone 40mg price neurontin 600mg cost

  86. Hqrgvd says

    empire casino online modafinil us purchase provigil for sale

  87. Pmdjcz says

    order lasix 40mg online order hydroxychloroquine 400mg generic plaquenil 200mg oral

  88. Yygson says

    fildena 100mg over the counter oral budesonide rhinocort without prescription

  89. Dznyrq says

    order prednisone 40mg order deltasone for sale vermox 100mg us

  90. Pahcvs says

    generic tretinoin gel generic tretinoin avana online order

  91. Tfcjrm says

    order tadalafil 10mg tadacip buy online buy indomethacin 75mg sale

  92. Trodwj says

    buy lamisil 250mg generic terbinafine cost buy amoxicillin 500mg sale

  93. Pfodkb says

    naprosyn 250mg oral purchase cefdinir generic brand lansoprazole 30mg

  94. Bqvkwr says

    clarithromycin 500mg for sale clonidine 0.1 mg sale meclizine 25 mg oral

  95. Foadxx says

    order proventil generic ciprofloxacin usa buy cipro 500mg without prescription

  96. Yvahdc says

    tiotropium bromide online order generic hytrin 1mg terazosin usa

  97. Ijexyf says

    montelukast us brand sildenafil 100mg buy sildenafil generic

  98. Qjcdrd says

    actos tablet sildenafil 100mg ca viagra 100 mg

  99. Cugspk says

    cost tadalafil 40mg Best cialis price order tadalafil 40mg generic

  100. Tdgpol says

    order tadalafil 10mg pill blackjack online real money online roulette game

  101. Rwlktn says

    ivermectin lotion buy dapsone 100 mg generic avlosulfon 100 mg without prescription

  102. Pnruhy says

    real casino online casino play empire city casino online

  103. Zgeekb says

    adalat 10mg uk purchase aceon for sale fexofenadine oral

  104. Repsul says

    money slots wind creek casino online games free spins

  105. Borvul says

    online card games most trusted canadian online pharmacy buy custom research papers

  106. Vmwjap says

    buy ramipril 5mg pill cheap arcoxia arcoxia 120mg generic

  107. Bhiaov says

    doxycycline 100mg uk doxycycline 100mg without prescription buy cleocin 300mg generic

  108. Ncugfs says

    help with term paper arava over the counter order sulfasalazine 500mg generic

  109. Iyskra says

    buy asacol for sale buy asacol 400mg generic buy irbesartan 150mg generic

  110. Jacrsa says

    buy benicar 10mg sale order olmesartan generic cost depakote 250mg

  111. Wdgvni says

    acetazolamide 250mg for sale buy azathioprine pill order generic imuran 25mg

  112. Nztpwl says

    digoxin 250 mg over the counter buy generic molnupiravir 200mg cost molnupiravir

  113. Nnmvco says

    amoxicillin 250mg usa amoxicillin 500mg price stromectol ivermectin 3 mg

  114. Oohzdz says

    buy carvedilol 25mg for sale ditropan 5mg over the counter order elavil

  115. Xkmbkd says

    buy fosamax generic buy generic nitrofurantoin 100 mg ibuprofen for sale online

  116. Cwuwba says

    indomethacin price cenforce 100mg cost purchase cenforce online

  117. Xgkesp says

    doxycycline 100mg sale medrol 4mg online methylprednisolonee online

  118. Dkwhfa says

    requip 2mg us buy rocaltrol 0.25 mg pill trandate without prescription

  119. Llguzw says

    tadalafil for sale online buy trimox online trimox 500mg generic

  120. Tcnbzw says

    buy fenofibrate 160mg pills viagra brand sildenafil 100mg usa

  121. Fladty says

    order esomeprazole 40mg for sale esomeprazole ca buy lasix 100mg generic

  122. Ffpifu says

    order cialis online Branded cialis viagra mail order us

  123. Cafpvy says

    buy minocycline 50mg online cheap hytrin 1mg brand terazosin 5mg cost

  124. Ioodgb says

    glycomet 1000mg generic verapamil 240mg pills buy tamoxifen 10mg pill

  125. Eajhbd says

    order provigil online order phenergan generic phenergan cost

  126. Vrtniq says

    purchase clomid for sale order lipitor 80mg pills buy generic prednisolone 20mg

  127. Yvwndf says

    deltasone 10mg without prescription cost amoxil 500mg order amoxil 500mg

  128. Iszeen says

    order accutane 40mg generic isotretinoin 20mg without prescription ampicillin 500mg price

  129. Kvmhaq says

    order sildenafil sale purchase propecia generic proscar 5mg pill

  130. Zsogpo says

    ivermectin 3mg dose stromectol 3mg generic buy prednisone 20mg online

  131. Hdqbsb says

    generic ondansetron 8mg ondansetron 4mg tablet bactrim 480mg brand

  132. Yvrwfe says

    purchase absorica buy azithromycin generic buy zithromax 250mg generic

Leave A Reply

Your email address will not be published.