MSE News: Barclays to open bank branches in Asda stores

Former_MSE_Darryl

"Barclays is to open eight branches in Asda stores next year, offering banking services seven days a week...."

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Barclays to open bank branches in Asda stores



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Hazzanet

Reminiscent of the TSB "Expressbank" that used to be in the foyer of the Asda in Queslett, Birmingham which shut about 10 years ago.

dotdash79

HSBC used to be in Morrison's.

The ASDA in Pudsey is next door to an M&S with a bank branch so it will be quite intresting.

Pincher

After hours banking should be a real boon, as people usually have to take a day off to see the loan arranger.

There is also a certain amount of synergy. They can share a safe and the security van, as well as on-site security staff.

They should put the bank next to a coffee concession, which is good for waiting for appointments. They can also use the coffee table area for non-confidential sessions like explaining how a mortgage works: saves on space the bank concession occupies.

And yet, somehow, my gut feeling is it won't work.

opinions4u

Supermarket bank branches have never really worked because they've always tried to change what a bank branch should feel like.

A couple of ATMs and bar stools for a quick chat doesn't give the customer a proper branch experience.

Do it properly or don't bother!

h0wd01

Simply put another concession in a Super store environment.
Will it work? Why not?
Is it beneficial to customers? Of course it is if you like to do your business face to face without having to change your weekly destination.
Will it be set up correctly? If it isn't customer feedback will ensure it is enhanced to work better.

Change always seem to bring barriers to the forefront of any debate before the changes have actually started or have only just started. As a nation we seem to come up with numerous reasons on why this or that won't work.

If you look back at the way businesses have evolved over the years there are many changes like this that people thought "that will never work" but hey, ho! They did.

Shops not in the centre of town - destination shopping
Ordering my shopping online and paying to get it delivered - say no more.
Internet Banking - too risky - still is for some but for others the freedom to do various banking tasks even though the banks used to employ people to do them for you grows daily.

I suppose what I'm highlighting is when people are given more opportunity to control their precious time and it is precious then they will adapt whatever opportunity comes their way.

Barclay's in Asda do I think it will work? I think they wouldn't be trialling this if they thought it wouldn't.

JuicyJesus

opinions4u wrote: »

Supermarket banks have never really worked because they've always tried to change what a bank branch should feel like.

A couple of ATMs and bar stools for a quick chat doesn't give the customer a proper branch experience.

M&S have pretty much done this right - their in-store M&S Bank branches are full branches in their own right, with meeting rooms etc.

The idea does have some merit but it would be interesting to see how profitable these Barclays branches are, since businesses will probably not want to transact at a supermarket and I would wager most personal business will be transactional.

Archi_Bald

h0wd01 wrote: »

Barclay's in Asda do I think it will work? I think they wouldn't be trialling this if they thought it wouldn't.

Agree - - though they seem to be less than convinced themselves of their own idea. There are over 500 ASDA stores in the UK, so trialling in 8 of them is covering a tiny sample, however careful they may have selected their trial locations. The cost of setting up, and running, such a tiny number of "branches" must be astronomical. Leaving aside the logistics and bricks & mortar aspects - which of the better Barclays' staff would work outside normal office hours unless they get paid a premium? Who funds those premiums? (answers on a postcard).

Also, from a customer point of view: at first glance, the late and weekend opening times sound brilliant. And car parking when popping into a bank will suddenly be a problem of the past (ignoring that you will get hounded for parking fees if you spend more than 2 hours in your bank & shop, lol). But will you get the same level of service / caliber of staff as in normal office hours? Are all the required Barclays back office people working longer hours and weekends, to support the supermarket branches? Will you really get 100% of the services in normal branches in the supermarket branches?

From Barclays point of view: is this offer targetting the typical ASDA shopper, the typical Barclays customer, both, other target markets? Would Barclays want to tempt customers who aren't normally shopping at ASDA to make an exception and come to their ASDA branch? Are Barclays associating their brand with the ASDA / Wallmart brand? Would existing Barclays branches near an ASDA continue to be viable if the ASDA branch took off? Plus lots more questions... I can't see how a trial with 8 branches will answer all these questions.

Kite2010

It's a good idea that branches will be in places where they are open for longer.

The current 9 to 5 opening hours don't suit full-time workers if for exchange they have a cheque to pay in.

Archi_Bald

Hmh, the BBC reports slightly differently on this venture.

http://www.bbc.co.uk/news/business-24853732

If that article is factual, it answers some of the questions I had.

Also makes very different statements regarding opening hours:

Bank staff will work at the new supermarket-based branches during normal bank opening hours, with cash and cheque machines accessible during the supermarkets' opening hours.

So nothing new there, just another empty shell in a High Street......

Pincher

Declan Curry (BBC) says it's only staffed during office hours, no late opening.

So it's just easy parking.

If I was a banker, I would definitely consider it a demotion to be posted to ASDA. Waitrose is more like it.