Barclays presents flexible banking strategy

Trending News

Barclays announced a strategy to expand its flexible banking formats, as it evolves its physical footprint to meet changing customer needs.

Barclays Local offers live banking support in community locations and new banking modules across the UK.

The plans include:

  • Expanding Barclays Local by over 70 sites in 2023, in addition to 200 opened in 2022
  • This includes entering new locations without an existing Barclays presence
  • Launch of new banking pods: purpose-built, semi-permanent structures in sites such as shopping centers and retail parks
  • Commitment to provide alternative in-person service in communities when a branch closes
  • Scale Barclays’ ‘Cashback without Purchase’ service across the UK, plus investment in industry solutions via the Cash Action Group (CAG)
  • Barclays continues to adapt its physical footprint in response to declining customer branch usage, alongside the increase in customers using digital channels to the bank. Across a range of different solutions,
  • Barclays will provide in-person banking support through a flexible format, including branches, under a new sustainable model reflective of customer needs and usage.

Barclays already has the largest network of alternative agency formats – Barclays Local – with 200 locations by the end of 2022. Barclays will open 70 more in the first half of 2023.

Under this model, the bank works with local councils and communities to organize a presence in places like town halls and libraries, providing direct banking support. Local Barclays colleagues provide one-on-one support, helping clients with their day-to-day financial and money management needs. Each Barclays Local also offers free digital skills workshops and fraud and scam awareness events to the community.

Currently, this format provides a way to stay where there is no longer enough demand to support a traditional branch. The model will now be extended and rolled out to areas where Barclays does not have a presence, allowing the bank to directly reach more customers.

In another first, Barclays will roll out banking modules as part of its Barclays Local service. The semi-permanent structure provides dedicated private spaces in locations such as malls and retail parks and can be moved as needed. At least 10 modules will be rolled out across the UK by the summer of 2023 following the success of the bank’s first module in St Austell. Additionally, six electric bank vans (EVs) will be added to the existing 10-car fleet, allowing Barclays to reach customers in remote locations.

Barclays will continue to review its physical sites – including branches, groups and pop-ups – based on usage, with a flexible approach allowing the bank to tailor its presence to better suit the needs of the local community.

The decline in the number of people using traditional branches prompted Barclays to find a new alternative physical format that would appeal to and resonate with all customers. In addition, Barclays is committed to maintaining an alternative in-person presence in the communities* where it is closing branches, based on its existing program.

“Barclays Local provides a flexible way to reach customers in new locations and retain a presence where customer footfall has reduced, bringing face-to-face support to convenient locations. As visits to branches continue to fall, we need to reimagine where and how we show up to provide the best service for customers now and in the future. Our new banking pods and community pop-ups help us to tailor our in-person support for each location, including support with digital skills. In areas where we close a branch, we will maintain our presence in that community offering an alternative face-to-face solution.”
Jo Mayer, Head of Everyday Banking at Barclays UK.

As part of initiatives to protect long-term cash access, Barclays will expand its Cash Back on No Purchase service, launching in 2022. The service has spawned new locations. for consumers to withdraw cash for free, through thousands of small businesses across the country. Barclays is also one of the driving forces behind the Cash Action Group (CAG), which includes Industrial Banking Hubs – a common space for major banks to operate one day a week.

Accounting B2B Bank Banking BankingTech blockchain Credit Finance Money thefintech trending

Related Posts