Newcastle Building Society offers innovative blueprint for cashless communities
Newcastle Building Society is collaborating with shared bank branch innovator OneBanx, to provide access to a multi-bank kiosk in two of its branches in the North East and North Yorkshire as part of a ground-breaking pilot aiming to keep cash alive and high streets vibrant in local communities.
Backed by global leaders in cash automation GLORY, OneBanx developed the kiosk to support communities without access to everyday banking. The kiosks use open banking technology to allow small businesses and personal customers of any bank in the open banking network to withdraw and deposit cash from their accounts, and are the first to be located within the branch of a financial services provider anywhere in the world.
Under the pilot, users of the kiosk will be able to deposit notes and coins, and withdraw cash from their bank account. Personal and small business customers of any bank on the open banking network will be able to access their UK account, provided they have online banking access and have registered for the OneBanx service.
Andrew Haigh, chief executive officer at Newcastle Building Society, said: “Since January 2015, banks have announced the closure of more than 5,000 branches across the UK, but Newcastle Building Society remains absolutely committed to providing accessible face-to-face financial services in our communities. Our blueprint for a cost effective branch model, which combines communities, technology and partnership is an approach that has been forged in the North East – but is potentially applicable to every high street.
“Cash is a vital part of daily life for millions of people and businesses and every bank branch closure leaves a damaging legacy in our communities. The kiosk provides people with convenient access to their bank and by providing access to technology like this in our innovative branch model, we’re showing exactly what can be achieved when we put the interests of our members and customers above everything else.”
Duncan Cockburn, chief executive of OneBanx, said: “This exciting collaboration with Newcastle Building Society shows how OneBanx can work with building societies to provide a solution which meets the needs of communities up and down the country to maintain access to cash and basic banking services. We look forward to further announcements in the near future as we bring our flexible, cost effective shared branch banking solution to many more high streets, shopping centres and other convenient locations.”