The future of branches?

Bloomberg

Last week I went into a Barclays branch which I had not been to for a while, where there were once counters there are now these machines which have replaced cashiers. You can pay bills which are printed on paper, deposit coins, notes and cheques as well as set up new payees on your account. As impressive as these machines are it left me thinking that at some point sooner rather than later there will not be any more staff in the few branches that will remain open.



It has recently been announced that some of the big banks are about to embark on an aggressive branch closure program. With the advent of mobile banking are branch closures and branches with hardly any staff a good or bad thing? It would be interesting to know what other readers think?

trailingspouse

Yes, I totally agree. But I can't really complain - in the last 18 months the only times I've visited a Lloyds branch was to change address and then to open a Club Lloyds account. I've only visited my business bank once (to open the account), and ditto with my Santander account.

I do all my banking online, use ATM's or cash back in the supermarket to get cash, haven't needed to bank a cheque or pay in cash in years. If they closed the branches tomorrow I doubt if I'd even notice.

It's quite sad - my father was a bank manager, back in the days when it was a respected profession. People used to put a suit on to go and see him!

MABLE

Bank managers back in the day were pillar of society. Only yesterday I read in our local paper an ex bank manager was on trial for exposing his assets to two woman in their homes. What is the world coming to.

PeacefulWaters

MABLE wrote: »

Bank managers back in the say were pillar of society. Only yesterday I read in our local paper an ex bank manager was on trial for exposing his assets to two woman in their homes. What is the world coming to.

Are you saying that pre-1970 bank managers never did anything wrong?

MABLE

PeacefulWaters wrote: »

Are you saying that pre-1970 bank managers never did anything wrong?

If they did it was more likely to be kept quiet for fear of reflecting badly on the bank they worked for.

Also despite of what many people say I think you are treated more fairly these days when applying for credit because of credit scoring systems.

I remember when I applied for my first overdraft and was granted a temporary one and when I asked for it to be permanent the sub manager said if it was up to him no problem but he said the manager does not like you and as such would be declined.

Perhaps I should re phrase what I stated earlier and say some bank managers were pillars of society.

planteria

MABLE wrote: »

If they did it was more likely to be kept quiet for fear of reflecting badly on the bank they worked for.

that is probably right. but also, in those days, banks were very careful in employing 'the right characters'. it was considered 'respectable' to work for a bank, and for good reason.

Thrugelmir

PeacefulWaters wrote: »

Are you saying that pre-1970 bank managers never did anything wrong?

Was a respected profession in it's day. Reputation was paramount. There's always a bad apple somewhere.

Thrugelmir

Bloomberg wrote: »

It has recently been announced that some of the big banks are about to embark on an aggressive branch closure program. With the advent of mobile banking are branch closures and branches with hardly any staff a good or bad thing? It would be interesting to know what other readers think?

To survive any business needs to change with the times. Internet banking is now well established. Cheques are progressively becoming redundant.

Super stores have far too much floor space. Locating banking services inside them. Seems a logical step forward.

Westie983

Yes, I think any role in the bank will diminish over time, I work in a bank and the numbers of cashiers have dropped but not people as they have just been repositioned into the banking hall to serve you before you get to the counter area.

I am concerned for job, but not while we still have the generation z whom don't use cashpoints or machines cashiers will still be needed.

MABLE

I worked for Lloyds in the 90's and I do not think I have ever worked so hard and this was in a Branch.

Edi81

They are glorified shops these days. The main purpose in future will be to sell products to customers and maybe sort out issues.