A trial programme of shared banking hubs has been extended in the UK.
In Brief:
The Post Office is managing hubs offering counter services like cash deposits.
Customers can make transactions with multiple banks within one premises.
A member of a different bank comes into the hub once a week to help customers.
What does this mean?
With banks closing branches at a huge rate and many turning to FinTech solutions, there have been concerns around a lack of resources for those who still need to use cash or prefer not to do their banking digitally. This solution could enable banks to still have human interactions with their customers – especially in more isolated areas – without the cost of an entire branch.
The service has been piloted in South Lanarkshire and Essex. The programme was meant to end in October but will now run on until April 2023.
