16 December 2017
visit www.ebaday.com

TSB wades into bank branch debate

26 February 2015  |  6462 views  |  0 TSB

While other banks are closing branches, the UK's TSB has launched a staunch defence of the branch network, making its high street presence front and centre of its proposition to attract more customers from competitor banks.

The Lloyds' spin-off signed up half a million new customers last year and it argues that desire for a local branch remains the "biggest single factor" in consumers’ choice of a new bank account.

The bank has issued a policy document outlining its beliefs entitled 'Why branches matter in a digital age', detailing its plans to grow its 631-strong branch network, while continuing to invest in online and mobile channels.

In a foreword, chief executive Paul Pester comments: "The focus for banks shouldn’t be in deciding between branches or technology, but in investing in branches and the service they offer, alongside a first rate digital offer."

The bank, which completed 158 million mobile and online transactions in 2014, says that selecting between remote banking on the one hand and branch banking on the other is a "false choice", pointing out that more than half of its digital customers still pop into a branch to do their banking.

"Despite a growth in the number of customers using mobile and online banking to access their accounts and make transactions, branches remain the first point of call for purchasing financial services products," states the Bank. "TSB’s own research shows that 88% of bank accounts are opened in branch, while 71% of personal loans and 85% of mortgage applications still take place, in whole or in part, in a branch. When customers are conducting 'value-added' transactions of any description, where they want advice or discussion, branches remain as important as ever."

TSB is putting its money where its mouth is, with plans to refurbish 265 branches this year and open 30 new outlets in selected locations.

"In future TSB intends to ensure that it can provide its customers with a “best of both worlds” approach to branch and digital services so that it becomes the bank that truly enables customers to bank how they want, when they want and where they want," the document concludes.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

JP Morgan Chase to close 300 branches as customers go mobile

JP Morgan Chase to close 300 branches as customers go mobile

24 February 2015  |  14996 views  |  9 comments | 23 tweets | 36 linkedin
Branches hold strong in face of digital onslaught - FDIC

Branches hold strong in face of digital onslaught - FDIC

20 February 2015  |  9571 views  |  2 comments | 20 tweets | 9 linkedin
Barclays puts the branch on the iPad

Barclays puts the branch on the iPad

09 February 2015  |  12788 views  |  4 comments | 27 tweets | 22 linkedin
Half of the world's banks set to fall by the digital wayside - BBVA

Half of the world's banks set to fall by the digital wayside - BBVA

04 February 2015  |  46133 views  |  5 comments | 121 tweets | 92 linkedin
Bank branches will save banks from digital challengers - Botin

Bank branches will save banks from digital challengers - Botin

03 February 2015  |  18961 views  |  32 comments | 37 tweets | 26 linkedin
More branches to close as UK banks retreat from the high street

More branches to close as UK banks retreat from the high street

03 November 2014  |  10315 views  |  1 comments | 9 tweets | 12 linkedin
Lloyds commits £1 billion to digital amid massive job cuts and branch closures

Lloyds commits £1 billion to digital amid massive job cuts and branch closures

28 October 2014  |  17004 views  |  0 comments | 20 tweets | 19 linkedin
Brits lukewarm on digital-only banks as branch visits increase

Brits lukewarm on digital-only banks as branch visits increase

14 July 2014  |  13613 views  |  19 comments | 19 tweets | 20 linkedin
TSB chief uses Twitter to blame HP server for IT meltdown

TSB chief uses Twitter to blame HP server for IT meltdown

27 January 2014  |  8791 views  |  5 comments | 12 tweets | 8 linkedin
Lloyds 'seamless transition' to TSB comes unstuck

Lloyds 'seamless transition' to TSB comes unstuck

09 September 2013  |  6730 views  |  2 comments | 4 tweets | 1 linkedin
Lloyds plans IPO for TSB branch network after Co-op pulls out of deal

Lloyds plans IPO for TSB branch network after Co-op pulls out of deal

24 April 2013  |  5732 views  |  0 comments | 2 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.niceactimize.comvisit www.response.ncr.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10375 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9835 views comments | 18 tweets | 36 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7069 views comments | 19 tweets | 21 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6466 views 0 | 4 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
6218 views comments | 9 tweets | 9 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job