Banking group TSB has committed to improving both its digital and retail space by directing £250m worth of funding into a ‘local banking on demand’ service.
The ‘Bricks and Clicks’ initiative aims to give their customers the best of both worlds – strong digital services and a thriving branch network working in concert, which will help underserved customers understand mobile payments.
Since the release of policy paper ‘Why branches matter in a digital age’, TSB have created a hybrid banking store in Enfield, combing the best aspects of a high street bank and an online app.
The banking group have also created 42 new jobs in an attempt to expand its digital programme. TSB were also the first bank to appoint a Chief Digital Officer to its bank executive team.
In February, TSB released a mobile banking app after a study revealed that over a million TSB customers were controlling their finances online.
TSB are improving their digital banking services despite uncertainty regarding a takeover. Banco Sabadell, Spain’s fifth largest bank has tabled a £1.7bn offer to take control of the high street chain after they split from parent group Lloyds in 2013.
‘‘TSB’s branch and digital teams are working in concert, as we know it’s important to give our customers the best of both worlds. We’re listening to what customers tell us they want and that’s what we’re looking to provide. We’re not in the camp that wants to push people from one channel to another; it’s our customers’ choice as to how, when and where they bank with us,’’ said Ashley Machin, TSB’s chief digital officer.
Fresh from its $4.5bn IPO, Nordic payments processor Nets has picked Spire as its partner to help with the physical roll out of mobile payments for Dankort customers.
Square has introduced a new update to its contactless and chip readers that reduces transaction speed to 4.2 seconds.
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.