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.