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The bank branch - weakest link or saving grace?

This blog recently expressed the view that, in these days of financial turmoil,  banks should reposition their branch networks as a means to reinject the personal service ethos to high street banking and see off the threat from online start-ups and outsiders like supermarkets. (The bank manager versus the Web 2.0 widget)

It seems I'm not alone. Sean Park's Sixth Paradigm blog refers to a recent editorial piece in the FT bemoaning the poor standards of customer service in high street bank branches.

Sean is currently setting up an investment venture called Nauiokas Park to invest in start-ups with the potential to bring innovative, disruptive approaches to bear on traditional business lines.

Sean comes from the capital markets side of the business and has never worked in retail financial services before. Nonetheless he scents an opportunity: "It might sound crazy given what has happened in the last 12 months or so, but I’m pretty sure there has never been a better time to start a new bank in the UK. Not top of the agenda for me at the moment, but something I’d love to get involved in before I hang up my spurs. I’m putting it on the list."

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Comments: (1)

A Finextra member
A Finextra member 11 November, 2008, 04:44Be the first to give this comment the thumbs up 0 likes

A bank branch is definitely not the weakest link. Definitely it can do wonders. The link has been somewhat weakened in the current online, call center and IVR focused world of banking. It needs to be given attention the way some geographical locations across the world do.

Paul Penrose

Paul Penrose

Head of Research

Finextra

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Finance 2.0

A community for discussing the application of Web 2.0 technologies to financial services.


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