Pop up kiosks could provide banking services in Yorkshire towns where bank branches have disappeared

A company has set itself the long term goal of providing kiosks in Yorkshire to provide banking services in towns where conventional bank branches have disappeared.
Duncan Cockburn, Founder and CEO of OneBanksDuncan Cockburn, Founder and CEO of OneBanks
Duncan Cockburn, Founder and CEO of OneBanks

Glory, which provides cash technology services to the financial, retail and quick service restaurant industries, has announced that it will become the cornerstone investor in OneBanks, the shared branch banking company.

OneBanks has previously secured capital from ‘angel’ backers including Rupert Pennant-Rea, former deputy governor of the Bank of England, and Baroness Bottomley, the former Conservative cabinet minister.

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A statement said: "Glory’s commitment, together with additional funds being raised from existing investors, will underpin OneBanks’ ambitions to become a leading player in the delivery of everyday banking services, filling the gap being created in the UK market by the progressive withdrawal from the High Street of the mainstream banks.

"Following the completion of the current trial of its shared branch kiosk formats in three locations this year, OneBanks intends to begin full UK nationwide roll-out, expanding to 15 locations by the end of 2022 and 150 by 2025."

A spokesman said it was planned to have kiosks in Yorkshire in the long term.

The spokesman added; "Now we have funding we can start pinning down the next set of locations."

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The statement added: "Using the recently introduced Open Banking standards, OneBanks has developed proprietary technology that enables multiple banks to offer services from a single physical location at significantly lower cost than a traditional branch. Participating banks’ customers – both personal and small business – have free access to multiple transaction types all supported by a member of the OneBanks team who is recruited from the local community."

Toshimitsu Yoshinari, Chief Solutions Officer at Glory Global Solutions, said “We have many decades of experience helping banks transform their physical branch networks using the latest technologies in response to changing consumer expectations.

"The mass adoption of mobile and online channels has fundamentally changed the economics of branch banking across the UK and other countries and yet consumers still value, and in many cases need, convenient access to face-to-face banking services. We are delighted to be making this investment in OneBanks as they seek to introduce, in partnership with the major UK banks, their new open banking-enabled approach to providing this service to communities across the UK through shared branches.”

Duncan Cockburn, Founder and CEO of OneBanks, said: “We see a huge opportunity for us as an independent player enabling an efficient service model which will allow banks to offer better basic banking facilities in communities where they are needed.

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"To have a leading global provider of banking technology solutions for the financial industry buying in so enthusiastically into our vision is immensely valuable - particularly at this stage in our development.

"Access to cash and the need for human interaction are still highly valued by many in our communities. We look forward to working together with our new partners to ensure that our concept of shared branch banking gains the widespread adoption to which we aspire.”

Jonathan Hughes, Executive Chairman elect of OneBanks, commented: “OneBanks is a fantastic concept, and ensuring that communities nationwide are still able to do their banking in-person is so important for financial inclusion. I am honoured to have been asked to come on board as chairman and am looking forward to helping Duncan and the team move forward on to the next exciting stage.”

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