14th May 2021

Shared branch banking venture OneBanks welcomes UK banks’ initiative to maintain access to cash
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OneBanks, the shared branch banking innovator, welcomes the announcement by UK Finance and the largest retail banks and building societies of the launch of the Access to Cash Action Group(the Group) and their joint commitments to continue to preserve access to cash for consumers and businesses. OneBanks looks forward to working closely with the Action Group as it develops industry proposals for protecting how access to cash in the long term. OneBanks recently launched the first of several pilots of its kiosk format offering face-to-face banking services in Denny, Scotland, a community that has been without a bank branch for two years, with five locations in total planned for this year. As part of its existing cooperation with the Community Access to Cash Pilots, OneBanks is committed to providing data from these trials to feed into the design of possible models for future access to cash. OneBanks looks forward to deepening that cooperation as the Group progresses in its thinking over the course of this year.

Duncan Cockburn, founder and CEO of OneBanks, comments “We are encouraged that the major UK banks are coming together to ensure communities up and down the UK have adequate access to cash. This is precisely the issue that OneBanks’ low-cost shared banking kiosk format has been created to address. Today’s initiative sets out a framework to properly understand customers’ needs and work to design and improve the various models, including our own, that will preserve access to basic banking services for communities up and down the country - in locations where the economics of conventional single bank branches and ATMs no longer stack up. We look forward to deepening that cooperation as the Group progresses in its thinking over the course of this year. ”

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