Customers and staff go on to spend in the shops
BY YOUR side – that is Lloyds Bank’s longstanding slogan and pledge to its customers. A worthy sentiment, no doubt, but in an age of websites and apps, it’s hard not to feel like it rings a little hollow. What or who exactly is by our side nowadays? An ‘online virtual assistant’ chatbot? An anonymous call centre representative? A ‘selfservice tool’ on a mobile phone banking app?
My cynicism evaporated the moment I met Manjula Sood, 53, in the bank’s Hounslow branch last week. Manjula has worked at the branch for 30 years and counting. She has supported her customers through every life stage. Literally by their side. Manjula teaches customers how to bank online if they want. Because customers trust her, when Manjula tells them they should come back to her with any queries, they know she means it – and pop back in to see her rather than take any chances with things they don’t fully understand.
Manjula and most of the bank branch staff in Hounslow are part of the community. They live in the area and use the local businesses.
Her manager, Salma, is greeted with five or six ‘hellos’ from customers every time she pops out to get a sandwich. Down the road, Metro Bank’s business customers know they can come in for a cup of tea and a chat with the business manager whenever they like.
During lockdown, Santander staff in Hounslow fundraised for local charities, cooked at the local church and mosque and collected for the local foodbank.
Yet while it was wonderful to see how Hounslow’s many bank branches are supporting the community, my visit was tinged with sadness. Elsewhere banks are shutting branches at an alarming rate and leaving entire communities cut off. They claim the popularity of online banking means physical premises are no longer needed.
Online banking can work perfectly if you know exactly what you want: you can apply for a loan if you need more cash or find a mortgage if your existing one is coming to an end.
But there are millions of people who, when it comes to managing their life savings or buying a home, feel more comfortable dealing with a human being than a chatbot or a faceless stranger in a call centre.
It is only by seeing what is gained when bank branches abound that the loss when banks move out becomes crystal clear.
As Salma at Lloyds in Hounslow can attest, the truth is not everyone comes in knowing what questions to ask or has a solution in mind to rectify their financial situation.
When a customer feels comfortable enough to confide debt problems, branch staff can help come up with
solutions such as payment holidays on loans or mortgages, drawing up better budgets or improving their credit score. It’s not always easy for people to open up if they are struggling and talking to someone you already know and trust can make all the difference.
To prove her point, Salma told me of a visit by a customer well known to Lloyds staff. The man said his income had dried up in the pandemic. So banking consultant Sebastian looked at the interest rates the customer was paying – but also researched the local foodbank for him.
By your side, through the rockiest patches. There’s still no app or chatbot that can do that.