27 September 2023
Principality boosts access to cash in community hit by bank closures
Principality Building Society is to boost access to cash provision in a Welsh community hit by high street bank closures, via a cash kiosk pilot in partnership with shared-banking innovator OneBanx.
The cash kiosk will be hosted in Principality’s Cowbridge branch and is the first of its kind to be installed in Wales. It enables individuals and business customers of major banks and building societies to deposit and withdraw cash without needing to use a card. There is no charge for the service and the money is received immediately by the customer, and the service is also available in the Welsh language.
If successful, the pilot could be a pathway to Principality introducing more of the kiosks in certain branch locations across the country which are not served by high street banks. OneBanx has already rolled out these facilities in parts of Scotland, the North East of England, and the East Midlands.
The service will be available during branch opening times six days a week, and customers needing assistance to use the service will be supported by Principality branch colleagues.
Shaun Middleton, Head of Distribution at Principality, said: “The recent trend towards the closure of local bank branches and cash machines has raised concerns about the accessibility of cash, particularly for the elderly, vulnerable, and those without easy access to the internet. Our commitment to delivering a personalised service and understanding the unique needs of our communities sets us apart. As we navigate the digital age and witness the evolving landscape of financial services, as a purpose-led organisation, we believe it is crucial that we do not leave behind those who rely on traditional methods of banking and transactions.
“Principality has the largest branch network of any financial brand in Wales, and we are committed to keeping all branches open until at least the end of 2025. By ensuring the availability of cash machines and kiosks in strategic locations, especially in areas where access to cash is limited, we believe financial services can contribute to maintaining the economic vitality of our communities.”
Duncan Cockburn, CEO of OneBanx, said: “The partnership with Principality Building Society builds upon the ongoing trial sites with Newcastle Building Society and reinforces how the building society sector as a whole can play a significant role in the continued provision of shared banking infrastructure on the high street. Innovation is needed to ensure solutions can be deployed into communities on a timely basis as branches continue to close. 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 in partnership with our customers.”
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