High street banking overhaul revealed - Banking - News - Moneyfacts


High street banking overhaul revealed

High street banking overhaul revealed

Category: Banking

Updated: 14/12/2012
First Published: 28/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Traditional methods of banking should be phased out to provide 'greater variation', according to a controversial report by the Boston Consulting Group.

Flying in the face of banks' intentions to reintroduce a personal and friendly approach to banking, the proposals state that branches should have allocated 'formats' to deal with 'the right people at the right time'.

Selected branches should be designed purely for making transactions, whilst staff would be retrained away from conducting traditional duties to specialise in advising customers on 'sophisticated products'.

Perhaps most worrying of all is the plan to have bank managers 'working remotely' with clients from a range of different branches, rather than being tied to just one. This, the group believes, would allow managers to focus on profitable 'high-value customers'.

As well as impacting on retail banking customers, the move would have a significant effect on small business banking, who have already expressed concerns at the lack of personal service from their banks.

Find the best bank account for you - Compare Bank Accounts

Looking for a bank account to help grow your business? - Compare Best Buy Business Bank Accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

More people are switching current accounts

Competition in the current account market remains intense, which means if you’re not happy with your account for any reason, now’s a great time to switch! Happily, more and more people seem to be getting in on the switching action...

Financial services complaints continue to fall

Many people feel dissatisfied with their financial providers at times, but happily, it looks as though the most serious complaints are becoming less and less common.

Contactless spending hits yet another record

Contactless spending is going from strength to strength, hitting new records on a seemingly monthly basis - and it’s just broken yet another one, with monthly contactless spending having passed the £2bn mark for the first time.