Lloyds bank launched a new concept in high street banking on the 7th October 2017. Sleek in design, with an instore café and barista, the £3m refurb is setting the bar high for other high street banks.
So, why now?
While many banks are closing branches at a worrying rate, the Manchester Lloyds branch on Market Street resembles that of a tech space that you would expect to see in California or New York. It’s no secret that many customers have opted to move to internet banking, avoiding going into branches altogether. This move to a super branch from Lloyds could be seen as an attempt to get customers back into the branch and in front of the bank’s sales staff. Many lenders have been under fire for mis-selling packaged bank accounts (Select, Silver, Gold, Platinum, etc) and PPI over the years. The Financial Conduct Authority investigated Lloyds for this so it’s no wonder that they feel like they need to impress their customers and rebuild the trust.
The next steps…
Getting customers back into the branch for face-to-face interaction will undoubtedly give Lloyds more opportunities to sell, or indeed mis-sell, products to customers. After all, it’s impossible to use a sales pitch to a customer who is only using online banking.
If you think you have been mis-sold your package bank account, or have an account with a monthly fee that you are unsure about, drop us a message or a call and we will be happy to advise you. Freephone – 0800 007 3777.
Source: The Guardian