Anyone who has had the misfortune recently to use Stansted Airport will regard a 10 minute queue as a luxury. On recent trips to Budapest, Edinburgh, Glasgow and Warsaw – all out of Stansted – the check-in queue exceeded 30 minutes each time. Just what has happened to Stansted and quite why it has become my least favourite airport is however going off at a tangent.
But for a queue in a bank branch, how long is reasonable? I recall that a Which! Survey reported an average waiting time of just two and a half minutes to be served in the bank and a longest wait of just under 12 minutes.
Two and a half minutes seems reasonable. If I remember correctly the report did not however cover Post Office branches.
Go deeper with GlobalData
With every bank UK branch closure, you can bet that the relevant bank press spokesperson will tell the local rag that they have reached an agreement with the local post office, which is close to the closing branch, so that customers can withdraw cash, check balances and make deposits free of charge at the Post Office.
That the UK banks need to continue (or in Lloyds case kick off) rightsizing their branch networks is not in issue. But banking at the Post Office?
Take Farringdon Post Office for example. Perhaps it is not a representative example but it is hard to imagine a less appealing environment in which to attempt any banking transaction.
In its favour, it is a popular store, so much so that customers queuing at any time will be in double figures; last night at just after 18.00 the number was actually 34.
Counter staff on duty: 3. Time taken to be served from entering the branch: 21 minutes. Last nights experience of using a zone 1 London Post Office was not untypical.
In the 21 minute period I waited, the overworked counter staff I observed had to advise on inter alia posting dates for Christmas presents; benefits; travel insurance, and also some old fashioned Post Office chores such as customer posting parcels and folks wanting to buy stamps.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe Post Office has been running its pilot scheme in rural Eastern England offering three current accounts as part of its deal with Bank of Ireland in around 100 branches.
This agreement will soon extend to 240 branches around the country.
I wish it the best of luck and Bank of Ireland/Post Office JV has great potential.
The idea of using the Post Office as a substitute bank branch can work well in rural areas?
But for urban areas? Not a chance. The next time a UK bank shutters a branch in an urban area, they could perhaps make the effort to amend the usual pro forma media comments and perhaps soft peddle the bit about customers using the Post Office: the chances of folks patiently waiting 21 minutes to do a bit of banking are not good.
