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High street banking overhaul revealed

High street banking overhaul revealed

Category: Banking

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

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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 It is now over 6 months old so the content may be out of date.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.

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