24 May 2017
Visit EBAday.com

UK banks strike branch banking deal with Post Office

24 January 2017  |  9153 views  |  1 Bank Branch Desk with Customer 2

Billed as the biggest expansion in face-to-face banking in a generation, the UK's banks have struck an industry-wide deal to conduct day-to-day banking tasks across the national Post Office network.

The agreement, which covers 99% of UK personal bank customers and 75% of business clients, comes as banks shutter branches across the length and breadth of the country to make way for a new generation of digital banking services.

Data published by consumer group Which? says that more than 1000 branches have been closed over the past two years as banks move more customers online and roll out improved mobile banking services, decimating footfall in physical banking halls.

Indeed news of the deal comes on the same day that HSBC announces plans
to shut 62 branches with the loss of up to 180 jobs. The latest closures will have seen the bank reduce its branch network by a third over the past two years, leaving it with an estate of just 625 outlets nationwide. The bank says it has experienced a 40% drop in branch visits over the past five years.

Last year the Post Office carried out 110 million banking transactions across its network of 11,600 branches across the UK.

The new agreement will bring together the Post Office’s existing arrangements with individual banks into a single set of cash and cheque services available to customers of virtually all UK banks. Card-based transactions will enable real-time credit and debit payments into customer accounts.

The deal was welcomed by the British Banking Association, which has borne the brunt of complaints from customers and Government ministers over the loss of banking services to small towns and local communities.

BBA Chief Executive Anthony Browne says: “Nine out of ten people now live within twenty minutes’ walk from a bank or a Post Office where they are able to do banking face-to-face with another person. It ensures customers can continue to access face-to-face banking and that no-one gets left behind by the technological revolution sweeping the industry.”

Comments: (1)

A Finextra member
A Finextra member | 24 January, 2017, 14:36 Great! As if the queues at the Post Offices weren't long enough already!
Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
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

Robot-ready UK consumers still cling to the branch

Robot-ready UK consumers still cling to the branch

11 January 2017  |  4907 views  |  0 comments | 18 tweets | 18 linkedin
Lloyds closes another 49 branches

Lloyds closes another 49 branches

10 November 2016  |  4431 views  |  1 comments | 5 tweets | 7 linkedin
In digital age, customers still want human touch

In digital age, customers still want human touch

26 October 2016  |  10866 views  |  2 comments | 22 tweets | 28 linkedin
Nationwide says technology is great, but sometimes face-to-face is better

Nationwide says technology is great, but sometimes face-to-face is better

22 September 2016  |  6761 views  |  0 comments | 11 tweets | 22 linkedin
Lloyds to cut further 3000 jobs and close 200 branches in wake of Brexit vote

Lloyds to cut further 3000 jobs and close 200 branches in wake of Brexit vote

28 July 2016  |  9927 views  |  10 comments | 9 tweets | 5 linkedin
Branches set for long life - CBA

Branches set for long life - CBA

02 June 2016  |  6707 views  |  0 comments | 5 tweets | 12 linkedin
British banks accelerate branch closure programme

British banks accelerate branch closure programme

13 May 2016  |  8088 views  |  0 comments | 17 tweets | 15 linkedin
Royal Bank of Scotland drops the axe on more branches/staff

Royal Bank of Scotland drops the axe on more branches/staff

12 May 2016  |  5474 views  |  0 comments | 4 tweets | 2 linkedin
BBA launches review into branch closure protocol

BBA launches review into branch closure protocol

06 May 2016  |  5107 views  |  3 comments | 4 tweets | 2 linkedin
RBS to cut 600 staff as branch network withers

RBS to cut 600 staff as branch network withers

14 April 2016  |  4845 views  |  0 comments | 3 tweets | 4 linkedin
Barclays looks to 'click and collect' to revitalise the branch

Barclays looks to 'click and collect' to revitalise the branch

11 April 2016  |  9842 views  |  2 comments | 17 tweets | 21 linkedin
Branch-based challenger Metro Bank valued at £1.6bn on IPO

Branch-based challenger Metro Bank valued at £1.6bn on IPO

10 March 2016  |  7849 views  |  0 comments | 10 tweets | 9 linkedin
Former Barclays chief forecasts massive job cuts and branch closures as banks go digital

Former Barclays chief forecasts massive job cuts and branch closures as banks go digital

26 November 2015  |  12528 views  |  4 comments | 31 tweets | 37 linkedin
UK bank branch closures accelerating

UK bank branch closures accelerating

21 October 2015  |  6930 views  |  0 comments | 13 tweets | 19 linkedin
HSBC closes 'branch for the rich'

HSBC closes 'branch for the rich'

28 August 2015  |  7864 views  |  1 comments | 12 tweets | 6 linkedin
RBS branch with just 17 customers is shut down

RBS branch with just 17 customers is shut down

05 August 2015  |  6919 views  |  5 comments | 7 tweets | 15 linkedin
One-in-two bank visits involve no human interaction - Halifax

One-in-two bank visits involve no human interaction - Halifax

28 July 2015  |  9619 views  |  2 comments | 21 tweets | 16 linkedin
NatWest shuts down branch it pledged to keep open forever

NatWest shuts down branch it pledged to keep open forever

24 June 2015  |  5536 views  |  5 comments | 8 tweets | 3 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Download the paper nowvisit www.response.ncr.comvisit dh.com

Top topics

Most viewed Most shared
Google and PayPal partner for mobile shopping by fingerprintGoogle and PayPal partner for mobile shopp...
8890 views comments | 27 tweets | 28 linkedin
Time for data-driven banking to come of ageTime for data-driven banking to come of ag...
8866 views comments | 29 tweets | 35 linkedin
Banks must get on AI bandwagon now – new Finextra researchBanks must get on AI bandwagon now – new F...
8733 views comments | 22 tweets | 31 linkedin
Twins fool HSBC voice biometrics - BBCTwins fool HSBC voice biometrics - BBC
8661 views comments | 21 tweets | 24 linkedin
hands typing furiouslyOpen APIs - Leveraging Banking As a Servic...
6682 views 1 | 7 tweets | 9 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job