Why the bank branch still has a role to play for consumers

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Why the bank branch still has a role to play for consumers

In his recent article on Finance Digest, Somo’s COO, Carl Uminski, shares that even though more than a third of all UK bank branches have closed since 2015, it’s important that we remember traditional banks still have a role to play on the modern high street.

With the launch of digital-first banks like Monzo and Revolut, banking has been revolutionised – which has led to people asking the question of whether brick and mortar banks will become obsolete.

This year, Nationwide has announced a commitment to keep all their branches open until May 2021 as well as giving them an £80 million makeover; and Barclays is also pledging not to close any remote branches for two years. This shows that big financial institutions still think there’s a place for traditional banks – but for how long?

Carl comments in the article that there may be a need for both: ‘Evidence shows we’re still searching for that sweet spot between technology convenience and a human touch.’ Customers still appreciate human interaction when it comes to customer service; earlier this year, a Tokyo hotel with robot-only staff was forced to replace the AI with humans, as customers were keen to speak to real people instead.

There is space for a new type of bank; one that encompasses the benefits of a digital-first bank with the advantages of a traditional bank – but what does that look like? Read the full article on Finance Digest to learn Carl’s thoughts on how banks can thrive with so much disruption in the banking sector.

 

Author: Somo

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