Newcastle Building Society is responding to the rising tide of branch closures by installing technology to that will enable personal and business customers of all major banks to withdraw cash and deposit notes and coins through the Society’s network of high street branches.
The north east’s largest building society plans to install multi-bank transaction terminals enabled with Glory cash handling technology and OneBanks Hub software platform alongside its existing services, allowing customers to access their account whichever bank it is provided by. The terminals provide access to all banks on the Open Banking network, meaning customers of all the major UK banks will be able to use the service.
An initial pilot will be run in two locations where bank closures have seriously affected local community access to cash.
Newcastle Building Society chief executive officer, Andrew Haigh comments: “We champion the high street, and believe in its vital role in supporting vibrant local economies. Decisions made by banks have been at the expense of many vulnerable people who are reliant on cash and, as a result, risk being disenfranchised from the financial system.
"We are proud to be the first to bring this unique proposition into mainstream financial services. This innovative pilot, a one stop solution if your local bank has closed, is potentially transformational for our region, extending access to face-to-face services whilst increasing digital adoption and inclusion.”
He adds that the first OneBanks Hub terminals within Newcastle Building Society branches will be fully operative later this year.