News in Brief

UK Bank Branch Innovation Accelerates

Innovation in the UK’s banking sector continues, with Barclays Bank announcing the introduction of semi-permanent banking pods. These will be placed where consumers go rather than in traditional high street locations, retail parks, railway stations etc. 10 will be established by summer 2023 following a successful trial.

Having closed 178 branches in 2022, Barclays has also been leading the way opening new alternative format in-person access in places such as libraries and town halls. It operates 200 of these and aims to open another 70, some in areas currently without a Barclays presence. It is a leading member of the Cash Action Group.

Meanwhile TSB, part of the Lloyds Banking group, is also investing in open banking pods, taking a similar approach to Barclays. TSB will initially open three pods in towns where it is closing its branches but they will be based in shopping centres and open every day. The pods are supplied by NoteMachine, which is better known for its ATMs, and which is part of Brinks.