OneBanks teams up with Moneyhub to help preserve community banking

By Megha Bhattacharya

OneBanks, the shared branch banking innovator, has announced a partnership with Moneyhub, an Open Finance data, intelligence and payments platform, which will support its key ambition to preserve access to everyday banking services for UK communities impacted by bank branch closures. OneBanks shared branch concept will enable customers who value face-to-face contact when carrying out basic banking transactions to continue to access such services via fully manned kiosks in high footfall locations such as supermarkets, shopping centres and bus or railway stations.

Duncan Cockburn, Founder and CEO of OneBanks commented, With 4000 branches having closed over the past six years, a growing number of communities across the UK are struggling to access basic banking services. With government and consumer groups increasingly focused on the need to maintain access to cash and other everyday banking services, OneBanks shared branch solution couldn’t be more relevant or more timely. Thanks to our partnership with Moneyhub, OneBanks is bringing back the personal touch to banking, significantly limiting the risk of financial exclusion of communities, it also ensures that customers are able to access expert in-person assistance should it be needed. The Open Banking expertise displayed by the Moneyhub team has helped transform our ambition to reality. With one pilot underway, and four more planned, our mission to transform and re-energise community banking is well and truly underway.”

The partnership will see Moneyhub power the kiosks using Moneyhub’s open banking data API to deliver key functionality such as access to user balances bill payments, cash deposits and withdrawals, ensuring that these core services are accessible to customers in a friendly, human environment. This is done securely and with customer consent using the latest Open Banking facilities.

Samantha Seaton, CEO of Moneyhub commented, “The social impact of Open Banking is transformational, and OneBanks is the embodiment of this. Faced with a retreat from the UK’s high streets by banks, Open Banking is able to power a cost-effective, highly impactful, and socially conscious solution. Not only does OneBanks minimise the risk of financial exclusion, it can provide a much needed spring-board for digital literacy and engagement – providing a route to better long-term financial wellness which is so close to Moneyhub’s heart. Working with the OneBanks team has been hugely rewarding and we are excited not just to work with them going forward, but to see the social benefits of their passion and ambition.”