Another 220 branches are expected to close this year2despite the fact that 10 million people in the UK will struggle to cope in a cashless society and for millions more it would be a major inconvenience3. Over a quarter (29%, 15 million people) of the population uses cash to budget3.
NEWCASTLE, England, April 20, 2022–(BUSINESS WIRE)–In the face of this tsunami of branch closures, plans are progressing on a groundbreaking pilot project that will see high street champions and community branch innovators, Newcastle Building Society, partner with world leaders payment automation company, GLORY, and shared banking fintech, OneBanks Hub, to meet everyday banking needs and help restore access to cash in bankless communities.
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Newcastle Building Society Gosforth Branch (Photo: Business Wire)
The initiative will allow individuals and businesses from all major banks to withdraw cash and deposit notes and coins through the Company’s branch network. An initial pilot project will be implemented in two locations where bank closures have seriously affected the local community’s access to cash.
The Northeast’s largest construction company plans to install multi-bank transaction terminals featuring Glory cash processing technology and OneBanks Hub software platform in addition to its existing services, enabling customers to access to their account regardless of the bank providing it. The terminals provide access to all banks in the Open Banking network, meaning customers of all major UK banks will be able to use the service.
The cash facility will be a lifeline for many small businesses and people who rely on regular deposits and withdrawals to manage their daily budget. In many cases, due to the closures, the convenience of doing it locally has been removed.
The pilot will take place at two Newcastle Building Society branches in Gosforth, Newcastle upon Tyne and Knaresborough in North Yorkshire. In February this year another high street bank branch closed in Gosforth and Knaresborough lost its last bank in 2021. But in a bid to restore financial services to the city, the Newcastle Building Society recently announced its intention to partner with North Yorkshire County Council. to open a new community branch in Knaresborough.
Customers requiring assistance using the OneBanks Hub-branded terminal will be supported by the Company’s trained branch colleagues, who will be on hand to help users connect to their bank to complete transactions. in private.
The OneBanks Hub terminal will be installed alongside the company’s face-to-face branch offering, which includes savings, mortgages and financial advice on pensions, investments and protection through its subsidiary Newcastle Financial Advisers.
Newcastle Building Society chief executive Andrew Haigh said: “We stand up for the high street and believe in its vital role in supporting vibrant local economies. Decisions made by banks have come at the expense of many vulnerable people who rely on cash and, We are proud to be the first to bring this unique proposition into mainstream financial services.
“It will provide customers with convenient access to cash withdrawals and deposits for people whose bank branch is no longer local or convenient.
“We have a growing business and a multi-million pound investment and innovation program underway in upgrading and expanding our branch network to provide superb modern environments for our clientele. growing in the North East, Cumbria and North Yorkshire.
“This innovative pilot project, a one-stop solution if your local bank has closed, is potentially transformative for our region, expanding access to face-to-face services while increasing digital adoption and inclusion. The unique combination of our An innovative approach from community agencies and OneBanks technology proves that with the right commitment, there can be a bright new future for financial services on our high streets.”
The first OneBanks Hub terminals at Newcastle Building Society branches are expected to be fully operational later this year.
Mark McCallum, Country Head of UK and Ireland at Glory, said: “As a leading investor in OneBanks Hub, we are delighted that the Newcastle Building Society is the first financial institution to combine convenience cash automation solutions from Glory with the power of OneBanks software to address the challenge of continued access to cash for communities impacted by branch closures The new economics of banking branches, driven by changes in consumer behavior , presents challenges to the traditional provision of in-person banking services that can be solved for consumers by the shared infrastructure approach adopted by the Newcastle Building Society”
Duncan Cockburn, Managing Director of OneBanks Hub, added: “We have developed OneBanks Hub to support communities without access to everyday banking services, and this partnership with Newcastle Building Society and Glory shows how this can be delivered in a flexible and user-friendly way. will help individuals and small businesses continue to complete their critical financial transactions without having to travel miles to the nearest bank branch. It is a model that can be replicated in many other places.
– Ends –
2 Who https://www.which.co.uk/news/2021/12/which-calls-on-banks-to-pause-branch-closures-to-protect-access-to-cash/
3 The Royal Society of Arts https://www.thersa.org/blog/2022/03/is-britain-ready-to-go-cashless
As a global leader in treasury technology solutions, we provide the finance, retail, QSR, cash center and gaming industries with the certainty that their money is protected and that we are always working to help. to build a stronger business.
Our cash automation technologies and process engineering services help businesses in more than 100 countries optimize the handling, movement and management of cash. As we travel the world, we personally engage with each customer to address their unique challenges and goals – improving staff efficiency, reducing operating costs, and enabling a more rewarding customer experience.
Employing over 11,000 professionals worldwide with dedicated R&D and manufacturing facilities across the globe, GLORY is built on a rich customer-focused, technology-driven heritage spanning nearly a hundred years.
For more information, visit www.glory-global.com or follow us on Twitter: http://twitter.com/glory_global.
About OneBanks hub:
OneBanks hub. A location. All welcome
Onebanks Hub, the future of high street banking, offers an innovative way to meet the growing need for banks to continue to offer affordable face-to-face human access to their services alongside their online and smartphone apps. . As well as operating fully staffed banking kiosks currently being piloted ahead of a UK-wide rollout, OneBanks Hub’s innovative technology platform can support a variety of ways to deliver day-to-day banking services. in a secure, user-friendly and cost-effective way to communities that otherwise they could not access basic services such as bill payment or cash deposits and withdrawals.
Learn more about OneBanks Hub @ https://onebanks.co.uk/
About the Newcastle Building Society
The Newcastle Building Society* is the largest building society in the North East, with a network of 30 branches and assets of over £4.9billion. We’ve been here for our members for over 150 years.
As a leading local employer, we are committed to developing talent in our region and to being a great place to work where people can fulfill their potential. We hold Platinum IIP and were voted number 2, Best Workplaces in the North East for 2019.
We help people own, save and plan their finances through our range of products and services. We believe in the role of Main Street as the heart of our communities and are proactive in making financial information and financial advice accessible throughout our region.
Our financial advice is provided by our division Newcastle Financial Advisers Limited**.
We are committed to helping our North East communities bring about positive change; since 2016, financial support in the form of grants and donations from the Newcastle Building Society Community Fund to the Community Foundation benefiting local causes has exceeded £2.1 million
*Newcastle Building Society main office: 1 Cobalt Park Way, Cobalt Business Park, NE28 9EJ. The Newcastle Building Society is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Newcastle Building Society is listed on the Financial Services Register under number 156058. You can check this on the Financial Services Register or by contacting the Financial Conduct Authority on 0800 111 6768. Call 0845 734 4345 or visit us online at www.newcastle.co. UK
** The Newcastle Building Society presents to Newcastle Financial Advisers Limited for investments, pensions, inheritance tax planning, financial advice and life cover. Newcastle Financial Advisers Limited is an appointed representative of Openwork Limited which is authorized and regulated by the Financial Conduct Authority
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For more information, contact:
Newcastle Building Society
External Communications Manager, Newcastle Building Society
Email: [email protected]
M: 07483 452 461
VP Strategic Marketing