Plans by Barclays to revamp its branch network are coming into focus, with chief executive Anthony Jenkins telling the BBC that the UK bank will close a quarter of its high street branches over the coming year.
Well I wonder what market demographic Barclays are focussing on?
I would have thought a tie-in with Waitrose or Marks and Sepencer would be more in tune with their profitable clientele they presumably wish to retain - would they be seen dead going into Asda?
My nearest ASDA is 7 miles away, whilst my nearest Barclays is half-mile walk - but as an alternative I've Lloyds, Santander, Nationwide and HSBC to choose from within a 100 yd stretch.
In the current climate, I'd have thought 'brand contamination' would be more of a worry for Asda than Barclays.
Very good Matt!
This "mini branch " in supermarkets was tried in Sweden some 10 yeras ago. It was not a hit for anybody - not the bank, the supermarket or the customer and the concept does not exist now. Not even in the banks that are owned by supermarket companies... Large
"branch focused" banks go for cashless bank branches and the supermarket banks tend to rely on the phone and internet services. In the supermarkets the "banking" service is limited to cash-back and cash-withdrawal at the till using payment cards.
@MattW: As an ex-ASDA customer, I agree with your view!
Competitive PackageLondon, UK
© Finextra Research 2015