A new industry-wide agreement between British high street banks and the national Post Office network has come into effect, allowing UK banking customers to manage their banking needs at their local post office branch.
The move, which aims to mitigate the impact of branch closures amidst increasing adoption of digital banking channels, will cover 99% of UK personal bank customers and over 75% of business customers.
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The latest agreement brings together the Post Office’s current arrangements with individual firms into a single set of cash and cheque services.
Customers will now get access to banking services, through the Post Office’s 11,600 branches. The deal also includes some challenger banks including TSB and Virgin Money.
BBA CEO Anthony Browne said: “Banking is changing hugely, with people now able to speak to their banks at any time of the day or night on the phone or check their balance on an app.
“But this isn’t for everyone, as some people still want that personal contact, which is why this arrangement with the Post Office is such good news. It ensures customers can continue to access face-to-face banking and that no-one gets left behind by the technological revolution sweeping the industry.”
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By GlobalData
