Industry funding announced for BankHubs roll-out

Industry funding announced for BankHubs roll-out

We are committed to providing free access to cash across the UK. That's why today, we're pleased to announce that Post Office, the banking industry and members of the UK Finance Cash Action Group, have committed to a new approach to meeting community need. 

 

A summary of the announcement and what it means for Postmasters is below.

  • Independent assessment by LINK before a bank branch is set to close. Investment from the banking industry will see communities have their needs assessed and LINK will commission new or supporting services to address any service gaps. Services that LINK can commission start with Banking services at Post Office branches.
  • Dedicated cash service spaces in an existing Post Office branch. This will include updating the local branch in agreement with the Postmaster, raise awareness of services already available, better signage and space, and in some cases will include automation and new technology to ensure that customers are seen quickly and efficiently.
  • Five BankHubs will open during 2022. This is a dedicated, shared banking space, bringing together community bankers with counter and self-service banking, all under one roof. We have been trialling BankHubs over the last 7 months in Essex and near Glasgow. The trials have received positive customer feedback, growing popularity and profitability, and has not affected existing Post Offices.

Locations are carefully selected, and five BankHubs are planned to open in the below locations. We will work with the Cash Action Group to ensure Postmasters have the opportunity to support or potentially run the BankHubs. This process is at an early stage we will provide further information in the new year.

    1. Acton (West London)
    2. Brixham (Devon)
    3. Carnoustie (Angus)
    4. Knaresborough (North Yorkshire)
    5. Syston (Leicestershire)

We will of course work with local Postmasters closely and your views will be vital in ensuring that we can offer the right services to your customers.

This new agreement will go a long way to ensuring communities are not left without cash, and with BankHubs, can also access face to face services with their bank.

If you have any questions, please sign in and leave a comment below.