The OneBanks shared branch concept enables customers who value face-to-face contact when carrying out basic banking transactions to continue to access such services via fully manned kiosk locations such as supermarkets, shopping centres and bus or railway stations.
OneBanks is a fintech on a mission to bring the personal touch back to banking, especially in communities impacted by bank branch closures. The company has developed a pioneering fully-manned and accessible kiosk where customers can benefit from face-to-face support from qualified professionals for their basic banking needs, regardless of which bank they have accounts with. OneBanks’ solution is powered by Moneyhub’s Open Banking Data & Intelligence API service.
Challenge
Even before the Covid-19 pandemic hit, the high street bank branch, once a nexus of community life and a vital agent in enabling local access to financial services, was in danger of becoming a historic relic like the phonebox or even the post office. And the arrival of the pandemic only served to accelerate the shift to online banking, with lenders including Barclays, NatWest, Lloyds and HSBC together closing over 500 branches since early 2020.
Online banking provides many benefits to consumers, including ease of access and convenience, but they are not universally experienced. A core group of retail banking customers value facetime with their bankers, while those less technologically-equipped risk being left behind by the rush online.
OneBanks saw the vital need of maintaining localised and in-person access to financial services and designed fully manned kiosks to go in high footfall locations such as supermarkets, shopping centres and transportation hubs. The company is also pioneering a groundbreaking “shared branch” concept, meaning no matter which bank a customer has accounts with, they can use OneBanks to deposit and withdraw cash, make payments and get help with setting up or using online banking.
To make this compelling vision a physical reality, OneBanks knew it needed to engage with Open Banking and find a technical provider to bring the concept to life.
Solution
OneBanks chose to partner with Moneyhub, the market-leading Open Finance data, intelligence and payments platform, appointing the fintech as its technical services provider. Moneyhub powers OneBanks’ kiosks using its Open Banking Data & Intelligence API service.
Now operating in three Co-Op supermarkets, and with several additional locations planned, OneBanks’ customers can visit their nearest kiosk to get advice and help in managing their finances from a qualified human aided by the power of Moneyhub’s Open Banking platform,
“With 4,000 branches having closed over the past six years alone, a growing number of communities across the UK are struggling to access basic banking services. Now, thanks to our partnership with Moneyhub, OneBanks is capitalising on the power of Open Banking to bring the personal touch back to banking, significantly limiting the risk of financial exclusion. And Moneyhub is the perfect Open Banking partner: they provided a wealth of knowledge and insight to our team and helped make our vision a reality.”
The user journey is simple: the customer can sign up in person or via the mobile app, add their existing bank accounts to their OneBanks profile then head to a OneBanks kiosk to deposit and withdraw cash and make payments completely free of charge. And if they are unsure how to complete any of the above steps, the friendly team at their local OneBanks branch will show them how it’s done.
OneBanks’s solution, which marries old-fashioned customer service with advanced technology, is testament to the enduring social impact of Open Banking. With UK banks rapidly retreating from high streets up and down the country, the potential benefits of an Open Banking-enabled, cost-effective and socially-conscious banking solution are great.