Newcastle Building Society is bucking the national trend of bank branch closures and putting financial services and advice back on our high streets.
More than 6,000 bank branches have closed across the UK since 2015, according to data from the consumer body Which?.
In the North East, a steady flow of banks have decided to pull the branch shutters down permanently, making it harder for some people to access financial services, savings information, and make the most of their hard-earned money.
While the growth of digital banking options means fewer people might visit a branch to manage their money, there are inevitably times when only a branch will do. Branch closures can leave people feeling isolated and abandoned, and there are often-unseen ways that a well-run local branch helps knit a community together.
Happily, one organisation in the region is taking a different approach to the high street banks by growing the number of its branches, and investing heavily in the provision of face-to-face financial services in our communities.
This summer, Newcastle Building Society opened a new branch in North Shields in partnership with YMCA North Tyneside. After moving into the charity’s community building, the Society is now providing branch services alongside a busy café, popular gym, and YMCA North Tyneside’s impressive range of community support services. The new branch builds on the success of similar partnership branches in Knaresborough, Yarm, Wooler, and Hawes – each one a community where banks have left town and where the Society has worked with local councils and partners to restore financial services by sharing space alongside facilities such as libraries, tourist information, and even community policing.
Newcastle Building Society will also open a new branch in Pickering, North Yorkshire this year. Another town where banks have left, Newcastle Building Society’s new Pickering branch will offer a full range of services that includes maintaining its offering of savings passbooks for its members, together with a banking terminal which will allow small businesses and personal customers of any bank to deposit and withdraw cash from their accounts.
As a mutual organisation, owned by its members, the Society remains focused on putting the needs of the community first and it’s this type of innovation and creative thinking which the Society thinks banks could adopt in order to retain their branches on high streets across the UK.
Andrew Haigh, chief executive officer at Newcastle Building Society, said: “Banks continue to close branches across the UK at an alarming rate, turning their backs on our high streets. Our approach is very different, with customers at the centre of everything we do, we believe it is our responsibility to find new ways to keep face-to-face financial services in our communities.
“We want to be there for our customers week in, week out, providing access, support and advice where and when it is needed. The role of a branch extends beyond its physical presence, our colleagues frequently play an active role in supporting local charities, assisting with financial education in schools or helping with initiatives promoting employability skills.”
One of the ways Newcastle Building Society contributes to positive change in its communities is through colleague volunteering. Society colleagues take part in a range of activities, supporting local charities, community groups, and fundraising initiatives. And through local and strategic partnerships, they help improve financial education across the community, delivering workshops on topics including money management and financial scam awareness.
Many Newcastle Building Society branches have a free-to-use community room, which local groups can book for meetings or social gatherings. It’s another way the Society aims to provide value to its community and encourage people to visit the high street and use their local branch, even if they aren’t customers. Community rooms can be pre booked in the branch.
Future branch plans include the creation of a new flagship community branch in Newcastle city centre, and a 33rd branch in Tynemouth library to be delivered in partnership with North Tyneside Council.
www.newcastle.co.uk