Banking Hubs.

WillPS

I don't really understand why a Bank Hub is a more 'useful' thing for a neighbourhood to have than just a plain old Post Office.

A bank representative available once a week/fortnight doesn't move the dial much - presuming 30 minute appointments that's 16 customers a week/fortnight they can assist.

The only positive I can perceive is that it'll reinforce that Post Office banking services are available.

eskbanker

WillPS said:

I don't really understand why a Bank Hub is a more 'useful' thing for a neighbourhood to have than just a plain old Post Office.

A bank representative available once a week/fortnight doesn't move the dial much - presuming 30 minute appointments that's 16 customers a week/fortnight they can assist.

The only positive I can perceive is that it'll reinforce that Post Office banking services are available.

One of the valid criticisms of banks closing branches is that there are still various processes which depend on face to face discussion in branch - I can't remember off the top of my head what they all are (they're listed in threads like this from time to time) but I'm thinking of the likes of presenting ID to access/unblock accounts and signing up to certain products such as joint accounts, whereas the PO banking offerings are just rudimentary deposit and withdrawal facilities.

WillPS

eskbanker said:

WillPS said:

I don't really understand why a Bank Hub is a more 'useful' thing for a neighbourhood to have than just a plain old Post Office.

A bank representative available once a week/fortnight doesn't move the dial much - presuming 30 minute appointments that's 16 customers a week/fortnight they can assist.

The only positive I can perceive is that it'll reinforce that Post Office banking services are available.

One of the valid criticisms of banks closing branches is that there are still various processes which depend on face to face discussion in branch - I can't remember off the top of my head what they all are (they're listed in threads like this from time to time) but I'm thinking of the likes of presenting ID to access/unblock accounts and signing up to certain products such as joint accounts, whereas the PO banking offerings are just rudimentary deposit and withdrawal facilities.

Yes, that's entirely true but AIUI these bank hubs aren't particularly useful for those occasions either - you can't just walk in as you can a branch and announce "I've been asked to provide bring in some ID to support an application"; you'd need to make an appointment with the specific advisor who is only available on a set day every week/other week.

It's possibly better than nothing, but only just.

eskbanker

WillPS said:

eskbanker said:

WillPS said:

I don't really understand why a Bank Hub is a more 'useful' thing for a neighbourhood to have than just a plain old Post Office.

A bank representative available once a week/fortnight doesn't move the dial much - presuming 30 minute appointments that's 16 customers a week/fortnight they can assist.

The only positive I can perceive is that it'll reinforce that Post Office banking services are available.

One of the valid criticisms of banks closing branches is that there are still various processes which depend on face to face discussion in branch - I can't remember off the top of my head what they all are (they're listed in threads like this from time to time) but I'm thinking of the likes of presenting ID to access/unblock accounts and signing up to certain products such as joint accounts, whereas the PO banking offerings are just rudimentary deposit and withdrawal facilities.

Yes, that's entirely true but AIUI these bank hubs aren't particularly useful for those occasions either - you can't just walk in as you can a branch and announce "I've been asked to provide bring in some ID to support an application"; you'd need to make an appointment with the specific advisor who is only available on a set day every week/other week.

It's possibly better than nothing, but only just.

I don't think it's a universal fact that hubs are appointment-only, or at least not necessarily any more so than the individual branches?

Out of curiosity, I just had a quick search and was surprised at how many of them there now are:

https://www.cashaccess.co.uk/hubs/

and the facilities they offer are documented at:

https://www.cashaccess.co.uk/hubs/community-banker-services/

Rob5342

eskbanker said:

WillPS said:

I don't really understand why a Bank Hub is a more 'useful' thing for a neighbourhood to have than just a plain old Post Office.

A bank representative available once a week/fortnight doesn't move the dial much - presuming 30 minute appointments that's 16 customers a week/fortnight they can assist.

The only positive I can perceive is that it'll reinforce that Post Office banking services are available.

One of the valid criticisms of banks closing branches is that there are still various processes which depend on face to face discussion in branch - I can't remember off the top of my head what they all are (they're listed in threads like this from time to time) but I'm thinking of the likes of presenting ID to access/unblock accounts and signing up to certain products such as joint accounts, whereas the PO banking offerings are just rudimentary deposit and withdrawal facilities.

That's mainly because the banks haven't updated their processes, branchless banks like Monzo handle that sort of thing with no problems.

I think banking hubs are a temporary response to a dwindling demand, with the alternatives being so much more convenient I think their use will steadily drop. Time will tell of course but give it 10 or 15 years and I don't think there will be any left.  

molerat

MattMattMattUK said: I say it needs to be done properly as the site needs to be provisioned for multiple private areas, each bank will need it's own safe etc. but there was an article (I think in the FT) that showed that they could cut costs by 75% or more in most locations based on a 5-6 bank hub (there are still staff costs).

There is usually only one bank present on any one day so no need for multiple private areas.  All cash transactions are carried out by The Post Office so again no need for the bank to have any cash on site.  Effectively it is a bank branch that is open one day a week, likely better though than the van that (sometimes, when they don't have "technical difficulties") is open for 2 hours once a fortnight.

Kim_13

WillPS said:

eskbanker said:

WillPS said:

I don't really understand why a Bank Hub is a more 'useful' thing for a neighbourhood to have than just a plain old Post Office.

A bank representative available once a week/fortnight doesn't move the dial much - presuming 30 minute appointments that's 16 customers a week/fortnight they can assist.

The only positive I can perceive is that it'll reinforce that Post Office banking services are available.

One of the valid criticisms of banks closing branches is that there are still various processes which depend on face to face discussion in branch - I can't remember off the top of my head what they all are (they're listed in threads like this from time to time) but I'm thinking of the likes of presenting ID to access/unblock accounts and signing up to certain products such as joint accounts, whereas the PO banking offerings are just rudimentary deposit and withdrawal facilities.

Yes, that's entirely true but AIUI these bank hubs aren't particularly useful for those occasions either - you can't just walk in as you can a branch and announce "I've been asked to provide bring in some ID to support an application"; you'd need to make an appointment with the specific advisor who is only available on a set day every week/other week.

It's possibly better than nothing, but only just.

Hopefully they will add to the services available at the hub in the future, getting them rolled out so that you don't have to travel miles to access a branch/hub seems to me to be the priority for now.

Blue_Doggy

penners324 said:

I think they're just a gimmick. 99% of things that can happen in a branch can happen elsewhere (like a post office). So what's the use case?

Access to cash is a totally separate issue.

It depends what banking services one wants. The five post offices nearest to me (rural/semi-rural) have the post office tacked on to the shop service till at the front of the shop, and served by the same staff with some training in post office things. That’s ok for buying stamps or sending a parcel, but to discuss financial matters beyond that there’s no private area - and who wants to discuss private financial matters in front of a queue of neighbours?- and I very much doubt the shop staff are trained to give financial advice. 

 

A banking hub could provide properly trained bank staff and a private interview/consultation area.

eskbanker

Blue_Doggy said:

penners324 said:

I think they're just a gimmick. 99% of things that can happen in a branch can happen elsewhere (like a post office). So what's the use case?

Access to cash is a totally separate issue.

It depends what banking services one wants. The five post offices nearest to me (rural/semi-rural) have the post office tacked on to the shop service till at the front of the shop, and served by the same staff with some training in post office things. That’s ok for buying stamps or sending a parcel, but to discuss financial matters beyond that there’s no private area - and who wants to discuss private financial matters in front of a queue of neighbours?- and I very much doubt the shop staff are trained to give financial advice. 

 

A banking hub could provide properly trained bank staff and a private interview/consultation area.

As mentioned already, "the PO banking offerings are just rudimentary deposit and withdrawal facilities", so even though that poster chose to exaggerate for effect, nobody who knows what they're talking about suggests that post offices are adequate substitutes for bank branches for anything other than simple transactions.

https://www.postoffice.co.uk/everydaybanking summarises this, and the link further up the page explains exactly which services are offered by hubs....

WillPS

eskbanker said:

WillPS said:

eskbanker said:

WillPS said:

I don't really understand why a Bank Hub is a more 'useful' thing for a neighbourhood to have than just a plain old Post Office.

A bank representative available once a week/fortnight doesn't move the dial much - presuming 30 minute appointments that's 16 customers a week/fortnight they can assist.

The only positive I can perceive is that it'll reinforce that Post Office banking services are available.

One of the valid criticisms of banks closing branches is that there are still various processes which depend on face to face discussion in branch - I can't remember off the top of my head what they all are (they're listed in threads like this from time to time) but I'm thinking of the likes of presenting ID to access/unblock accounts and signing up to certain products such as joint accounts, whereas the PO banking offerings are just rudimentary deposit and withdrawal facilities.

Yes, that's entirely true but AIUI these bank hubs aren't particularly useful for those occasions either - you can't just walk in as you can a branch and announce "I've been asked to provide bring in some ID to support an application"; you'd need to make an appointment with the specific advisor who is only available on a set day every week/other week.

It's possibly better than nothing, but only just.

I don't think it's a universal fact that hubs are appointment-only, or at least not necessarily any more so than the individual branches?

Out of curiosity, I just had a quick search and was surprised at how many of them there now are:

https://www.cashaccess.co.uk/hubs/

and the facilities they offer are documented at:

https://www.cashaccess.co.uk/hubs/community-banker-services/

I fail to see how such a service would be managed on a 1 person basis without appointments or very long, possibly fruitless, waits. Happy to be proven otherwise.

I note Barclays suggest an appointment 'might' be neccessary. I presume that means if there's free appointments you can walk in, but otherwise you'll be told to make an appointment.

My stated position that they're not adding much value over and above a Post Office remains.