Lloyds Close More Branches While Their Online Banking Fails

TheBanker

username said:

boingy said:

Banking hubs are the way. One counter, any bank, maybe with specialist advisors in attendance one day per week.
They don't even have to be in premises of their own. They could be in supermarkets, cafes etc.
Whether the industry can summon up enough enthusiasm to do that sensibly remains to be seen. The problem the big names have is that if they get rid of all of their branches they lose their advantage over the low cost app-only banks.

For all those that are saying banking hubs are the solution, it is nothing more than a glorified post office but without the post office bit.

It needs bulking out a bit in terms of functionality - have machines from each bank so that clients can access and account, statement information and manage the account when there is no bank teller there.
Perhaps a machine from each bank like what HSBC are planning to do. 
They have this approach abroad where there are clusters of the banks' own machines in places like shopping centres.

Isn't that cash pod just an ATM? They used to be common in shopping centres, railway stations etc.

username

TheBanker said:

username said:

boingy said:

Banking hubs are the way. One counter, any bank, maybe with specialist advisors in attendance one day per week.
They don't even have to be in premises of their own. They could be in supermarkets, cafes etc.
Whether the industry can summon up enough enthusiasm to do that sensibly remains to be seen. The problem the big names have is that if they get rid of all of their branches they lose their advantage over the low cost app-only banks.

For all those that are saying banking hubs are the solution, it is nothing more than a glorified post office but without the post office bit.

It needs bulking out a bit in terms of functionality - have machines from each bank so that clients can access and account, statement information and manage the account when there is no bank teller there.
Perhaps a machine from each bank like what HSBC are planning to do. 
They have this approach abroad where there are clusters of the banks' own machines in places like shopping centres.

Isn't that cash pod just an ATM? They used to be common in shopping centres, railway stations etc.

Yes, however, instead of placing an standard withdrawal only ATM they've placed one of their combined deposit and withdrawal machines that you see in their branches. HSBC clients can also manage their account from them too, ripped from the above link:

Located in the Crown Glass Shopping Centre, the Cash Pod will enable all residents and businesses to withdraw cash and allow HSBC UK customers to deposit cash conveniently. The machine features internal cash recycling, reducing the frequency of refills and contributing to a more sustainable and efficient banking experience for the community. The Cash Pod will also enable customers to check their account balance, print mini-statements, activate a card and reset the PIN, and make payments linked to their HSBC UK credit card. The Cash Pod will provide access to cash 24 hours a day for customers and non-customers alike, and will be fee-free.

Hoenir

karvala said:

Theleak250 said:

I think some people operate in a dreamland  where captain Mainwaring is at their local branch, counting the money in their account and filling in the ledger. In reality the bank staff use the same systems you do when you use the app, pretty much. 

The future is now, if you do not accept it I’m afraid you will left behind. 

I think some people uncritically accept any propaganda the banks throw at them about how much better off they will be if the banks are allowed to close their branches, which just happens to increase banks profits.  Things can change, if the change leads to an improvement.  Things do not HAVE to change if the change leads to a detriment.  Passive acceptance of how things are as meaning that is how they MUST be, is why they continue to go in a direction that often leads you to be worse off.  The naive assumption that banks are making changes for your benefit - as opposed to their own - or that the banks doing whatever they want is inevitable and therefore we shouldn't complain about it, is exactly how they get away with these things.

What propaganda?  Banks are commercially run organisations. Branches in the past were funded by business banking not personal. Thirty five years ago the company I worked for was sending out anthing up to a 1,000 cheques a week and correspondingly banking anything up to 3,000. Now it's entirely electronic payment systems.The only time I've had need to write cheques in the past decade is in a capacity as an executor.  The world has changed. 

Mr_Blue52

What people don’t realise is that banks are a business & are allowed to make profits. If a branch is not being used, then it is not commercially viable to keep it open. If for example a Costa coffee shop is not being used then it closes. I have seen it.

I worked in banking for 35 years & when I started in a branch we had about 10 staff but over the years, it gradually reduced to 3 or 4 because of technology and eventually closed.

It’s the same with all the empty shops on the high street. They were needed but now you can do everything online, so they end up closing.

steven141

Once all of the branches close, I'm guessing the sort codes will no longer be linked to a branch? I know in the past they were and still are in some cases.

WillPS

steven141 said:

Once all of the branches close, I'm guessing the sort codes will no longer be linked to a branch? I know in the past they were and still are in some cases.

They're only very loosely related to specific branches nowadays, for the mostpart. Some banks have moved away from issuing sort codes based on a specific branch - Barclays, Santander and Co-op Bank all do this for new accounts for example.

Others simply reallocate the closed branch sort code so that it belongs to a different branch. Sometimes new accounts are still possible with that closed branch sort code, sometimes the sort code is closed off to new customers. Sometimes existing customers still get accounts with that sort code even if the branch has closed, sometimes they'll be issued a different one when they open new accounts.

It all depends on the procedures, policies and sometimes the whim of people processing applications.

EarthBoy

WillPS said:

steven141 said:

Once all of the branches close, I'm guessing the sort codes will no longer be linked to a branch? I know in the past they were and still are in some cases.

They're only very loosely related to specific branches nowadays, for the mostpart. Some banks have moved away from issuing sort codes based on a specific branch - Barclays, Santander and Co-op Bank all do this for new accounts for example.

Santander has never issued branch specific sort codes.

TheBanker

username said:

TheBanker said:

username said:

boingy said:

Banking hubs are the way. One counter, any bank, maybe with specialist advisors in attendance one day per week.
They don't even have to be in premises of their own. They could be in supermarkets, cafes etc.
Whether the industry can summon up enough enthusiasm to do that sensibly remains to be seen. The problem the big names have is that if they get rid of all of their branches they lose their advantage over the low cost app-only banks.

For all those that are saying banking hubs are the solution, it is nothing more than a glorified post office but without the post office bit.

It needs bulking out a bit in terms of functionality - have machines from each bank so that clients can access and account, statement information and manage the account when there is no bank teller there.
Perhaps a machine from each bank like what HSBC are planning to do. 
They have this approach abroad where there are clusters of the banks' own machines in places like shopping centres.

Isn't that cash pod just an ATM? They used to be common in shopping centres, railway stations etc.

Yes, however, instead of placing an standard withdrawal only ATM they've placed one of their combined deposit and withdrawal machines that you see in their branches. HSBC clients can also manage their account from them too, ripped from the above link:

Located in the Crown Glass Shopping Centre, the Cash Pod will enable all residents and businesses to withdraw cash and allow HSBC UK customers to deposit cash conveniently. The machine features internal cash recycling, reducing the frequency of refills and contributing to a more sustainable and efficient banking experience for the community. The Cash Pod will also enable customers to check their account balance, print mini-statements, activate a card and reset the PIN, and make payments linked to their HSBC UK credit card. The Cash Pod will provide access to cash 24 hours a day for customers and non-customers alike, and will be fee-free.

I see - so useful for the HSBC customers who want to pay in cash.

There is a version of this machine that can be used by customers of multiple banks being rolled out. For those customers who need to pay in cash it seems ideal if they don't have a Post Office nearby or can't get to the Post Office during opening hours.

https://www.theguardian.com/money/article/2024/jun/04/super-atms-banks-trial-england
https://www.cashaccess.co.uk/deposit-services

TheBanker

I'm just looking at the Banking Hubs. One opened in a small town near my mum recently, after their last bank (HSBC)  closed. This follows the closure of their Natwest in 2017 and their Halifax at some point before 2024.

Interestingly, the Banking Hub also has community bankers from Santander and Barclays, neither of which have ever had a branch in that town. So arguably if you are a Barclays or Santander customer living there it is now easier to access your bank than at any point in history, and if you are a Natwest customer it's better than it has been for the last seven years.