Eight years ago, Thatcham had four banks. But only one financial services provider remains in the town centre today.
Newbury Building Society, which recently reopened its Thatcham branch following a 12 week refurbishment, celebrated its new community banking project at an exclusive launch event at the branch on Thursday evening (June 19), in conjunction with OneBanx.
OneBanx’s new kiosk service pledges to remove the need for long queues at the Post Office and unnecessary journeys into Newbury by bringing customers free and accessible banking — regardless of who they bank with.
NBS Chief Executive, Phillippa Cardno, addressed guests about the project saying: “You often hear how financial organisations are leaving our high street, with banks justifying the reduction of their networks on the grounds that customers are spurning traditional counter services in favour of online or mobile banking services.
“But we’re bucking the trend. We’ll continue to invest in our high streets in the years to come and provide our customers with the services they want and need.
“Our customers can choose when and how they want to interact with us.”
Mrs Cardno added NBS staff visited Thatcham High Street last week to discuss the concept with businesses and members of the public, and said their response was very positive.
OneBanx CEO, Javed Anjum, added: “Cash is a bit of a dirty word in many ways.
“But charities, clubs, maybe even someone having a lemonade stand during summer; all these things wouldn’t be possible if there was no choice with how customers make payments.”
Customers use the system by downloading the OneBanx app on their smartphone.
They then verify their identity, associate their bank account, tap the kiosk screen and scan a QR code.
They can now deposit coins and notes straight into their account and make withdrawals.
But how user friendly is the system, particularly towards elderly and less computer literate customers?
OneBanx regional manager, Angela Finlay, explained: “These machines, and similar ones, are used in building societies and bank branches already.”
She said a smartphone is needed to download the app to make free deposits and withdrawals.
But customers do not need to have online banking. Entering their account number and sort code into the kiosk will suffice to make deposits, but they cannot make withdrawals.
And small businesses can also enable their employees to do their business banking on their behalf by using the delegated authority feature.
Trained staff will be on hand to support customers through the process.
