07 Aug 2024
Oliver Sasson looks at how St Albans is bucking the trend for bank closures, and how this is actually benefiting the city in terms of visitors…
High street banking has taken a terrible blow since Covid-19 as branches have closed across the country; steering us further into the revolution of technology, with online banking being the inevitable alternative.
Its convenience cannot be disputed for most banking needs. Whether that be making a simple cash transfer or setting up direct debits, all of these can be done with the click of a button and from the comfort of your own bed on any day or time that best suits your busy schedule.
Telephone lines give aid to this revolutionary transition, opening themselves up six days a week to support you with any questions or activities that the apps cannot solve.
Derek French, a local commentator on bank closures, said: “Old style banks were once a fundamental lynchpin of high street economic and social activity, but those days are gone forever.”
These signs forebode the imminent end to banking as we once knew it. That friendly exchange between two people on opposite sides of a desk. A welcoming smile and “hello” greeting you as you enter the store. A connections and rapport with your neighbour who works at the local branch.
It seems we have forgotten who we are as a people as the world becomes increasingly absorbed in the technological advancements available to them. We have lost that gregarious inclination to seek social activity beyond the parameters we have become comfortable within. Scared to strike up new conversations and anxious about meeting new people.
But St Albans has shown that this new way of living is not inevitable.
The Roman city’s electric centre still buzzes for all sorts of reasons, including the survival of high street stores, not least of which are the banks. While other neighbouring towns such as Watford and Borehamwood have witnessed most of their branches shut down, St Albans has retained most of its branches.
Halifax, Santander, HSBC, Lloyds, Barclays and NatWest are just some of those who still provide that face-to-face service our community needs. Not everyone is a tech wizard, and many still cherish the company of others and that cheerful smile at the door, while others still require the services of a bank for depositing cash or opening an account.
Whatever the reason, our banks are scarcely empty. Customers continue to congregate and engage with one another, helping to strengthen community bonds and inject society with a regular dose of vibrance. Their importance to the health and prosperity of the community is immense. However, their helpfulness to so many in society when managing their finances should not be overlooked either.
Humans are not robots. We cannot communicate and compute solely through dialogue and the tone of another’s voice. Phone calls can only go so far with some people, whilst for others they do not go anywhere at all.
“Online and smartphone apps banking is tremendously convenient to many but not to all categories of personal and business bank customers… [which has had] an adverse impact on communities,” Derek French added.
One customer may need a professional to carry out their banking for them to ensure it is done correctly and safely.
Another could find it useful to have a visual aid when receiving instructions or learning what to do. More, perhaps, understand what is being said better and form better judgements when they can also see the facial expressions of the speaker.
There are countless reasons why people still turn to banks to manage their finances, and these are just some ways local branches improve their experience.
Using your local bank to handle money is also asafety guarantee on handling such a delicate and vulnerable possession. With so much danger on the internet, banks offer protection against the threats and scams enticed by online banking.
One would never expect their city to become an attraction for its banks, but that is what has emerged for St Albans.
Its ability to keep its in-person branches open draws people from all over Hertfordshire, benefiting employment and the high street’s economy, thereby valorising society in more ways than one.
St Albans can continue to pride themselves on being a caring and inclusive community that looks out for everyone’s needs as it carries on supporting people in all their endeavours, and the banks encapsulate this inspiring movement.
And who knows, maybe we can influence other towns to follow suit in restoring a touch of humanity, something much needed after such a difficult period for the country.
