A permanent banking hub has been established in Horwich with the aim of enhancing financial service access for local residents.
The site on Winter Hey Lane transitions from a temporary hub that operated in Craven House since January, providing continued banking services in the area.
Purpose of the New Hub
The banking hub, spearheaded by Cash Access UK, aims to ensure continued nationwide access to cash amidst increasing closures of high street bank branches. The new facility has been meticulously prepared over several months, replacing the temporary setup in Craven House.
This initiative follows a recommendation from LINK, the UK’s cash access and ATM network, due to the closure of Horwich’s last remaining bank branch in January 2023. The establishment of the hub reassures the community of ongoing access to essential banking services.
Official Opening
Local Labour MP, Phil Brickell, will officially inaugurate the hub at 12pm on August 29. Gareth Oakley, CEO of Cash Access UK, expressed his delight at the hub’s opening, emphasising its role in reinstating face-to-face banking services in the community. Oakley remarked, “I’m delighted to announce the opening of the permanent home for the Horwich Banking Hub which will guarantee the local community access to cash and face-to-face banking services once again.”
The hub addresses a critical need for convenient and reliable banking services in a locality affected by the widespread trend of branch closures.
Services Offered
The hub features a counter service run by the Post Office, enabling customers from all major banks to conduct regular cash transactions. The counter service operates from Monday to Friday, with working hours of 9am to 5pm.
Additionally, the hub offers a Community Banker service where customers can consult their respective banks for more complex banking issues. This service is available on specific days, with Community Bankers from different banks scheduled throughout the week.
Community Banker Schedule
Community Bankers will rotate with a different bank available each day: Monday hosts Barclays, Tuesday is NatWest, Wednesday features Halifax, Thursday welcomes Santander, and Friday accommodates Lloyds.
This rotation ensures that local customers have access to personalised banking assistance from any of the major banks, offering support for more intricate banking needs. This schedule allows customers to plan their visits effectively, ensuring they receive the necessary support on their designated bank’s day.
Ownership and Funding
Cash Access UK is a not-for-profit entity established by nine prominent banks and building societies, including Bank of Ireland, Barclays, Danske Bank, HSBC UK, Lloyds Banking Group, NatWest Group, Santander, TSB, and Virgin Money. These institutions fund and manage Cash Access UK, reflecting their commitment to maintaining access to cash for communities across the UK. The collaborative effort of these financial giants highlights the significance of the initiative.
The ownership and funding structure underscores a shared responsibility among the participating financial institutions to support and sustain local banking services, particularly in areas where branch closures have left gaps in service provision.
Broader Implications
The establishment of the permanent banking hub in Horwich sets a precedent for other communities facing similar challenges due to bank branch closures. It demonstrates a viable model for maintaining essential financial services in underserved areas. This model could be replicated in other regions, providing a lifeline for residents who rely on access to cash and in-person banking services.
The success of the Horwich hub could inspire further investments and initiatives aimed at enhancing access to financial services nationwide, ensuring that no community is left without necessary banking facilities.
Looking Forward
As the banking landscape continues to evolve, the Horwich banking hub signifies a forward-thinking approach to service provision. It addresses a vital requirement for cash access and personal banking assistance, bridging gaps left by traditional bank branch closures. The initiative could shape future banking solutions in other remote and underserved areas, leveraging partnerships between banks and community-focused organisations.
The permanent banking hub in Horwich stands as a testament to collaborative efforts aimed at preserving access to essential banking services amidst widespread branch closures.
This initiative not only addresses immediate needs but also serves as a model for future financial service solutions in other communities.