Bank Branch Closures Are Bad News for Insurers Too, Not Everyone is Online

The recent news that High Street banks are continuing to close branches and do away with paper statements is a blow to those who still have no internet access in the UK, or simply prefer non-digital banking. This matters to the insurance industry as many vulnerable and older customers need a better way to make regualr payments, and get face-to-face advice.

Maybe the best way is to have opo-up brokers in retail malls, or share office space with solicitors? There has to be a solution.

Ian Bradbury, CTO for Financial Services at Fujitsu commented:

“Although we are moving towards a cashless society, and card spending is overtaking cash spending, a rapid move towards digital banking risks leaving people behind. The latest report from Which? highlights this problem, and it’s now businesses’ and financial institutions’ turn to work together to ensure millions of people are not left struggling to access everyday banking tasks.

“We need to think about how digital and traditional banking can coexist, rather than compete, as both are becoming critical in maintaining a healthy financial life for Britons across the country. In fact, our recent research found that while access to reliable digital services is a high priority for almost half (47%) of consumers, two-thirds (67%) are more likely to do business with a bank if it has a high street branch.

“Banks need to find a balance between their physical and digital offerings. As consumers look at technology to improve their overall banking service, it is hugely important that banks are able to manage their expectations by providing convenient, efficient and even an exciting experience. Further transformation of the sector looks inevitable, but it is vital that banks consider how new technologies can shape their future while ensuring no one is left behind.”

About InsuranceEdgeEditor (2383 Articles)
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