The Post Office has announced plans to expand its BankHub network, as part of a landmark industry commitment to protect cash and banking services across the UK.
In addition to the extended support to the first two BankHubs in Cambuslang and Rochford, additional Hubs will open during 2022, with more to follow into 2023.
The decision is part of a new, community-focussed approach to protect cash access, facilitated by the Cash Action Group (CAG).
The firm has also announced that it is ready to deploy new dedicated cash services into 30 existing post offices next year to increase capacity within the network and improve customer experience in high volume cash areas.
“The Post Office already plays a critical role in local communities, so we are very pleased to have partnered the banks in developing innovative solutions to meet community cash needs,” Nick Read, Post Office chief executive, said:
“It is very positive that the Post Office and banks continue to work together effectively to deal with such a fundamental issue. We look forward to working with the industry to develop our offer further – providing vital cash access services for millions of people.”
The Post Office has launched the first ever BankHubs in April this year as part of the Communities Access to Cash Pilots (CACP) initiative, which supported communities across the UK to trial and test different ways to allow people access to cash.
The existing BankHubs in Rochford and Cambuslang provide local customers with basic banking and cash services, as well as dedicated rooms where they can see community bankers from their own bank.
Post Office said BankHubs offered the widest range of services, and received by far the most positive feedback from both consumers and businesses of all the solutions trialled as part of CACP, with communities using the facilities provided over 10 times as frequently as other solutions.
Following the overwhelmingly positive response, Post Office has last month announced that they would continue to run until spring 2023, at least.
The new agreement crafted by Cash Action Group (CAG) - an industry taskforce of major banks, Post Office, LINK and consumer groups - also includes a commitment to create an independent body to assess the needs of local communities and direct cash solutions.
In accordance with the deal, any community which faces the closure of it last bank will have its needs independently assessed to find the most appropriate solution to meet the cash needs of that community as a whole.
The agreement also sees banks agreeing to share physical infrastructure services in a trusted high street location alongside the opening of new ATMs and the national roll-out of cashback without purchase.
The group was convened earlier this year and further interventions are planned from 2022 and beyond.
