New Yorkshire Building Society boss "committed" to branch network and use of savings books despite digital push

In introductory remarks to members, she said that while the society was committed to adapting to “changing customer needs” as it pushes ahead with a digital transformation programme including encouraging the use of its mobile app, its branch network remains of great importance.

“ While we will be investing in digital functionality, we will continue to invest in our brilliant colleagues, the colleagues I know you value so much,” she said.

“I know our people are part of what makes our service so good and are hugely important.”

When one member asked what the future held for the branch network and whether closures were planned, she highlighted YBS has recently opened a new branch in Salisbury and highlighted an ongoing national partnership which has seen Citizens Advice using YBS branches as bases to offer free and confidential support with financial issues to people.

“ I’m really committed to having branches. But we have the opportunity to think about how we do even more,” she said.

“ The use of cash declining actually creates some time to have really great conversations with our customers.

“ We will be thinking hard about how we make those branches even more relevant.”

Another member asked whether savings books that get updated in branch will be retained for those who do not wish to use online services.

Ms Allen said the board had recently discussed the importance of maintaining a choice for members.

“ One of the things we think is special about our society is we are very committed to providing choice for members,” she said.

“Many people value having a physical book but also want to be able to check balances online. For me, it is an ‘and’ not an ‘or’ but we continue to respect our members’ choices and will continue to do all we can to provide that choice.”

Another member asked the board whether any consideration had been given to offering current accounts again to attract younger customers after YBS withdrew from that market several years ago.

YBS chairman John Heaps said: “The decision about four or five years ago to remove ourselves from the current account market has proved to be one of the best decisions the society has ever made. It simplifies out business and avoids a huge amount of regulation, cost and complexity.

“ We decided this is going to be an organisation that really served its communities very well in savings and mortgages. I think that has worked out extremely well.

“I wouldn’t rule out coming back to current accounts in some way with another partner and occasionally we look at that possibility but I think for now we are very clear on our purpose which is savings and mortgages.”

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