Banxlocal.uk is bringing together the innovation of the last 15 years in a new, innovative and unique way never been seen before. This promises to transform and revolutionise the role of the bank branch within retail banking.
This game changing vision begins to build out the technology and creates an independent branch network, that can deal with multiple banks from any one location. This allows for digital, and lesser-known banks to have a physical presence on UK High Streets and beyond.
The problem banxlocal.uk solves, is the current access to cash crisis, and access to banking services as a whole. This has been created by the number of branch closures since the late 1980’s. Reducing from 20,000, to just 5,000 today.
For banxlocal’s banking partners, this helps them to extend their reach and market share, without the liability and cost of having their own branch network. It offers increased competition and offers an alternative to the major banks in the UK with improved access in both a human and digital experience. A collaboration of digital and lesser-known banks to become the next collective major banking provider.
For customers, this allows them to deal with multiple banks from any one location. Providing better access to cash and banking services, along with access to more competitive savings products which were only previously available online. Having access to multiple banks and savings providers increases the level of the Financial Services Compensation Scheme protection by the number of banking partners on platform – saving time and money having to keep chasing the best rate from each individual provider. All with the ability to talk with someone who acts on ‘their’ behalf, and not any one bank.
The unique three-pronged vision of MultiBank, MultiService, MultiAccess makes for a commercially viable, sustainable proposition, with the ability to scale at pace both in the UK and beyond.
The high Environmental, social, and governance credentials, promotes better financial inclusion and helps to restore the balance between the digital world and human connection within retail banking.