Following a wave of bank closures across Southend, Westcliff and Leigh, Anna Firth MP has been relentlessly campaigning for a community bank to take up permanent residence in the local area.
The Southend West MP has been determined to remedy the fact that thousands of residents have been left without vital face-to-face services following the departure of big names such as Natwest and Barclays. This follows a repeating trend across the country, with the number of bank branches in the UK having halved since 1986.
She has criticised the abrupt exit of these companies, fearing that their absences will leave the most vulnerable without the appropriate level of support to access cash, manage their finances, and seek general advice.
With 5000 residents aged over 80 in her constituency, many older residents do not feel comfortable using digital services or are unable to make the change, contributing to their financial exclusion.
Further concerns have also been highlighted by some of the 3,500 small business owners across Southend West. In recently published research, the Federation of Small Businesses identified that bank closures can create additional costs for business owners, make it more difficult to manage cash flow and negative impact the wider local economy.
Seeking a long-term solution for the community, Anna met with the Chief Executive of OneBanx, Duncan Cockburn, to discuss the situation and scout a suitable location for a ‘banking hub’ similar to the one recently opened in Rochford. OneBanx operates a flexible and cost-effective shared-banking hub solution for local communities, setting them up in as little as 12 weeks.
During the visit, Anna and Duncan took a lengthy tour of the local area to scout potential locations for a banking hub. The main criteria for a suitable location was distance for both personal and business banking, a reasonable amount of space available for the installation of the hub, and an absence of other banking services in the area.
After visiting a number of locations including local Co-ops, Iceland, community centres and post offices, the tour culminated in the Salvation Army building on Glendale Gardens.
The community facility was seen as a strong contender for a banking hub due to the strong ties it has to the local community and the amount of space available.
Whilst at the Salvation Army, Duncan showed Anna a full presentation about the types of services that OneBanx offered and his vision for the future, which included a semi-assisted OneBanx installation. OneBanx also said they would take full accountability for the site by paying rent, employing its own staff and being responsible for any cash held.
She is encouraging anyone with any suitable suggestions to come forward by emailing her at [email protected] or by contacting her on 020 7219 0462.
OneBanx left Southend with an extreme optimism for the future and will report back soon. In a world of declining interest in personal service, Anna has campaigned tirelessly for a community solution and has now made real progress.
Anna said,
“Ensuring safe, secure access to cash and face-to-face banking services for both consumers and small businesses is vital.”
“I was so disappointed in these big companies who ran for the hills this year, leaving many of my elderly constituents feeling left in the dark and marginalised by mobile banking technology.”
“My tour with the Chief Executive of OneBanx was a real success and filled me with hope that we can find a solution for these people.”
Duncan Cockburn, Chief Executive of OneBanx said,
“We need to raise awareness around the implications of declining cash infrastructure and the importance of solutions like ours to protect the economic wellbeing of our communities.”
“Our mission is to ensure no customer is left behind by the digital transition and we are delighted to see the priority Anna has attached to campaigning on this important issue for constituents.”
