A new banking hub providing ‘essential’ and ‘in-person’ services will open in the Isle of Wight’s largest town next month.
Mark Eldridge of Norfolk Stores said the premises, owned by Cash Access UK and initially based at Ryde Town Council (RTC)’s Lind Street building, will offer financial related transactions including cash withdrawal and deposit and change giving.
Speaking at RTC on Tuesday (21st July), he said that despite living in an age with ‘chatbots all around us’ there is still considerable demand and need for face-to-face banking, amid a fast changing high street landscape.
His company Norfolk Stores was awarded the contract to run the Post Office operated hub which is due to open on 26th August.
Mr Eldridge said:
“There will be a consultation room within the hub where that room will be utilised by a community banker, aka a banking representative from…we haven’t had the schedule confirmed yet but Natwest, Barclays, Lloyds and so on for one day a week.
“It’s not a full service for each bank but one day a week still provides that in-person access to their services.”
The hub will be open from Monday to Friday between 09:00 and 17:00.
“We are still living in an age where you’ve either been or know someone that’s been scammed and that erodes confidence in using those digital services so it’s quite nice to have face-to-face support,”
“Part of our purpose is to help provide convenient banking and help alleviate a headache. Local businesses still thrive on cash. So, when businesses need cash or change to operate, we’re on hand to do that.”
The plans received a warm reception from RTC, with Cllr Chani Courtney describing it as ‘absolutely fabulous’ and Cllr Diana Conyers calling the hub ‘welcome’.
Cllr Conyers added that she knew from day-to-day experience how much it is needed.
Ryde mayor Karen Lucioni highlighted the ‘wonderful’ scheme’s job creation opportunity.
Another councillor, Ian Stephens, said any publicity blurb or marketing information should be put in libraries in Ryde and elsewhere.
Mr Eldridge said he was happy to provide some blurb but told the council Cash Access UK has a policy not to do any advertising, due to not spending any marketing budget until a permanent location goes live.
He said a permanent premises is yet to be found but added that ‘we are hopeful’ of finding out soon.
