/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
UK to roll out more shared banking hubs

UK to roll out more shared banking hubs

Nine new shared banking hubs are to be opened across the UK as the country's high street lenders push ahead with further branch closure programmes.

Each Hub provides basic banking services including counter services run for the major banks by the Post Office, and dedicated rooms where customers can see community bankers from their own bank. Community bankers at the hubs work on rotation, with a different banking provider available on each day of the week.

The UK's top banks clubbed together in December to incorporate an independent non-profit company, Cash Access UK, to fund the development of the Hubs, against a political outcry over the disappearance of physical sites in rural communities.

There are currently four Hubs up and running in Brixham (Devon), Cambuslang (South Lanarkshire), Cottingham (East Riding of Yorkshire) and Rochford (Essex).

Link, which is overseeing the programme as part of a commitment to protect access to cash, has also recommended six new Deposit Services for communities, providing consumers and businesses with ways to deposit cash without having to visit a bank branch.

The move comes against a backdrop of ongoing branch closures across the UK. NatWest, Lloyds, Barclays and TSB have announced plans to shutter more branches in the past month, with a total of 87 more branches slated to close, on top of previously announced programmes.

John Howells, CEO, Link, comments: “Access to cash and face-to-face banking services continues to be important for millions of people across the UK. Not everyone can or is able to go digital yet, so we’re pleased to announce new cash services to support these communities.”

Comments: (1)

Mark Aldred
Mark Aldred - Auriga - London 31 January, 2023, 15:34Be the first to give this comment the thumbs up 0 likes

“It is welcome news to see these hubs being confirmed. But it does come as the rate of branch closures is increasing with TSB, Natwest and Lloyds all making announcements in January. The problem is it seems quicker to close a branch than get one of these hubs up and running. There is a need for more joined up strategy here. The value of these new community hubs will be whether they can offer access to financial services as well as access to cash. Setting aside private consultation rooms in the hubs sounds good in principle but these will not always be staffed. There is room for more ambition here to use new secure on-premise video banking to deliver advice and help around the clock as some other European banks are already adopting”