News

UK to Roll Out More Shared Banking Hubs

Nine new shared banking centers will open in the UK.

UK to Roll Out More Shared Banking Hubs

Source: Pixabay.com

The centers will be opened as part of the implementation of the intention of the largest British lenders to reduce the number of traditional branches of financial organizations.

Each such center will provide basic banking services to the population. Special halls will also be equipped for meeting clients with representatives of banks. Employees of financial organizations in these centers will work alternately. This means that meetings with bank employees will take place on certain days of the week, and not daily.

In December last year, the largest banks in the UK created an independent commercial company Cash Access UK. This firm specializes in financing banking hubs. This initiative caused a protest reaction in society. The negative perception of the decision of the largest British banks is due to the closure of traditional branches of financial organizations in rural communities.

There are currently four banking hubs operating in the UK, they are located in Brixham (Devon), Cambuslang (South Lanarkshire), Cottingham (East Riding of Yorkshire), and Rochford (Essex).

Link, which oversees the implementation of the program as part of the commitment to protect access to cash, recommended the introduction of six new deposit services. This recommendation is aimed at making it possible for consumers to deposit money into accounts without visiting a bank branch.

Currently, in the UK, the closure of traditional branches of financial organizations is massive. In December, NatWest, Lloyds, Barclays, and TSB announced their intention to close more filials compared to previously announced plans. In total, banks will close more than 100 branches.

John Howells, CEO of Link, says that access to cash and personal banking services is still important for millions of Britons. He also noted that many residents of the UK, for various reasons, cannot accept the digitalization of this industry in a practical sense.

 

Serhii Mikhailov

2353 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.