IBS Journal January 2017
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Branches out as UK banks push digital services
branches have closed over the past two years as Brits increasingly move online, according to a new report from Which?
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The consumer group, however, warns that while 56% of adults used online services last year there were still 20 million adults that did not – often those who did not use the internet or had poor broadband. Which? Chief Executive Peter Vicary-Smith says: “Access to the services necessary to make everyday banking possible should be simple and straightforward. Banks can and must do a better job of working with their customers to understand their needs and those of the local community, especially when they
ore than 1,000 UK High Street bank
are making changes to the services they offer or closing branches.”
1,046 sites across the UK have been shut down from January 2015 to January 2017. HSBC
cut the most branches, at 321, or about a quarter of its network. Royal Bank of Scotland took the axe to 191 or about 10%. Lloyds Banking Group shut 180 sites or 14% of its network. There were 132 closures at Barclays, 117 at the Co-op, 87 at Santander and 18 at TSB.
Scott Thompson EY Switzerland claims Bitcoin first
Y Switzerland has become the first advisory firm to accept Bitcoin for its auditing and advisory services services. As of January, its clients will be able to settle their invoices using the virtual currency. The company has
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also put into operation a Bitcoin ATM at its office building next to the Hardbrücke train station in Zurich. This can be used by EY employees as well as passers-by to exchange Swiss francs for Bitcoins and vice versa. Employees will be provided with a digital wallet that enables them to pay for products and services in this way.
“We don’t only want to talk about digitalisation, but also actively drive this process together with our employees and our clients. It is important to us that everybody gets onboard and prepares themselves for the revolution set to take place in the business world through blockchains, smart contracts and digital currencies. Blockchains are a very quickly developing technology that can permanently change many sectors. In Switzerland’s role as an important financial and industrial center and to further its development as a digital hub, it is essential that it be a pioneer in this area,” says Marcel Stalder, CEO, EY Switzerland.
Scott Thompson
www.ibsintelligence.com
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