Deborah Meaden slams banks for turning backs on ‘older generation’

Deborah Meaden discusses importance of ‘physical banks’

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The UK chief of HSBC has sparked backlash after stating hundreds of bank branches were closed because it’s “what customers want”. While millions use online banking, there are still many who prefer to go into their local branch and Dragons’ Den star said the smartest banks would not turn their back on the older generation.

Speaking to Ed Balls and Kate Garraway on Good Morning Britain, she highlighted how much of a lifeline physical branches could be.

Kate began: “The chief of HSBC has said, ‘We don’t need it anymore, footfall is down, everything can be done online.’”

“Well, I think there will be a time when that is right but I’m not sure it’s yet,” Deborah hit back.

“I think the statement might be leading towards something but there are still people who need to physically go in and get cash and aren’t necessarily very digital.

“You know, it’s usually the older generation we’re talking about or people who are less abled maybe.

“But it does something else, it’s communication.

“Often you see them at the front of the bank queue chatting away to the person behind the counter.

“Banks do more and I think a smart bank will recognise if they want a relationship, physical is really quite important.”

Deborah’s comments came after Joanna Jarjue told the GMB hosts she felt a cashless society is the way forward.

Joanna explained: “This is a supply and demand issue. As much as people are tweeting and making comments that this isn’t something they want, I think they are showing banks this is what they want through their actions.

“If more of us were actually going out and using the banks then this wouldn’t be an issue.

“What’s happening is we are using prime real estate in towns and city centres that we can be reopening public libraries that the Tories have closed.”

She continued: “It’s really important to know that if all bank branches closed tomorrow it’s not like there’s going to be no opportunity whatsoever to do anything physically.

“There are money hubs that are opening up. It’s banking but on a smaller scale and actually catering to the amount of people going in and seeing people in person.”

Kate asked: “Is that true, maybe it’s true that footfall is down, but I wonder if thats’s not because it’s such a difficult task to get into the branch?

“If you going most branches, if you can find one open near you, you’re often confronted by people walking around with laptops encouraging you to go online.

“I tried to open a bank account for my 16-year-old daughter, I tried to make it a wonderful moment where we sat down and opened the bank account together.

“The woman literally said, ‘We cannot do this, you have to go online.’ That was actually Natwest who have advertised a different type of practice.

“I felt for her because she was exasperated about it too. It’s really available easily is it? It’s not an easy experience.”

Good Morning Britain airs weekdays on ITV from 6am.

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