Barclays, Lloyds and Natwest launch business hubs as branch closures hit small firms
Three of the UK’s largest banks have unveiled plans for joint business hubs amid fears small firms are being hit by branch closures.
Natwest, Lloyds Bank and Barclays have announced the pilot, which will see six business banking hubs launched across the country.
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The hubs will allow businesses to pay in large volumes of coins, notes and cheques and complete cash exchange transactions.
Businesses customers of the three banks will be able to use the shared facilities, which will be managed by cash management vendors G4S and Vaultex.
The total number of bank branches in the UK has fallen from 11,365 in 2007 down to 7,207, according to a parliamentary review last year.
In November the Banking Standards Boards (BSB) said small businesses were being damaged by branch closures and urged banks to collaborate.
“We have listened to what our business customers really want from our cash services,” Natwest deputy chief executive Alison Rose said.
“It is now more important than ever that we continue to offer innovative services, and we are creating an infrastructure that allows small business owners and entrepreneurs to do what they do best – run their business,” she added.
The business banking hubs will have extended opening hours – 8am to 8pm – seven days a week, with the first opening in Birmingham today.
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A further five in Manchester, Crosby, London, Leicestershire and Bristol will follow in the coming weeks.
Managing director of SME at Lloyds Bank, Paul Gordon said: "The Business Banking hub pilot is being explored as an additional route for firms looking for flexible banking.
"Working collaboratively with other high street banks means more businesses will benefit."
Barclays business banking chief executive Ian Rand said: “The pilot is designed to complement our existing branch network and innovative cash collect service, which enables businesses to schedule cash pick-ups when it’s convenient to them.”