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Today is a milestone for the Co-operative Banking Group because today is the day when
all of our existing customers, all of our new customers from Britannia and all of our
potential new customers – those who we are going to attract across from the big banks
have access to all of our banking services from all of our branches. Today is the day
when we expand our network as we quadruple the size of our branch network. Today is the
day when we are going to become a genuine alternative to the big five banks.
We have seen a lot of bank branches close; I mean over 45% of the network has closed
since 1990. The banks will tell you that this is down to cost pressures on them and changes
in the way that we bank and changes in our behaviour. And that is partly to blame but
we would say that the big banks themselves are partly to blame because they haven't used
this time while they've been closing branches to explore ways in which they can work together
to make access easier in these communities that they are deserting.
Most customers have huge value from online banking and telephone banking and it's important
we offer that service to our customers but not as a substitute to quality branch-based
banking. Most customers want access to face to face advice when they want it and when
they need it.
Expanding the branch network I think, you know, for some people banking on the internet
is fine, for other people it isn't and I think it's good that people can have relatively
easy access to banking without having to travel a long way to do it or struggle to get to
a branch. So I think that's a positive thing for them to do.
The news on the banking front is pretty bleak generally and certainly on the branch closures
front is actually very bad indeed. To see a Bank coming in doing something imaginative
and new is really very good indeed and I'm very enthusiastic about it.