The Future of Retail Banking | IPT
Chair: Harriett Baldwin MP, Treasury Select Committee
Speaker: Catherine McGrath, Head of Channels, Barclays UK
Speaker: Andrew Haigh, Chief Executive, Newcastle Building Society
Virtual Event

Date:

Tuesday 15 December 2020

Venue:

This is an online event

Start Time:

08:30

End Time:

09:30

Between 2012 and 2019 the number of bank and building society branches fell by 22%. During this period, traditional branch banking has been shaped by several factors. Amongst those are financial innovation and increased electronic payment services, development of Fintech services, and competition from new entrants such as challenger banks. High street banking remains fundamental for less digital savvy sections of society, including older generations. Some banks have adapted to these changes by re-designing their branches to be more customer-centric and providing a variety of new services. Meanwhile, since it was launched in 2013, the Current Account Switching Service has recorded 5.9 million switches and re-directed 80.4 million payments. As services and consumer habits change, what will retail banking look like in the future?

This breakfast meeting will:

  • Consider the financial habits and practices of younger generations and the demand for traditional banking services.
  • Explore the challenge of Access to Banking and responsibilities of the financial services sector in protecting it.
  • Explore how branches may evolve, including as a multiple use service.