TSB invests £250m in traditional and digital banking

TSB is investing £250m in its digital services and branches to support its belief that customers should not have to choose between the two

TSB is investing £250m in both digital services and branches to support its belief that customers should not have to choose between the two.

The investment programme will see the banks digital team of workers double in size, creating 42 jobs.

In February 2015 the bank said it was countering the industry trend of hundreds of bank branches closing in the wake of increased digital services. TSB opened 30 new branches and refurbishing 265 existing ones.

TSB currently has about 600 branches in the UK. Spanish bank Sabadell is in the process of buying TSB, and will move its IT systems to Sabadell’s own in-house core banking platform.

TSB is using the latest technology to transform branches, unveiling a flagship branch in Enfield.

“New technology has been introduced in the Enfield branch, including a giant tablet on the wall allowing people the opportunity to experience everything TSB has on offer,” said the bank. 

“TSB is rolling out Wi-Fi across its branch network so customers can access digital services in the branch and TSB Partners have been trained to be digitally savvy too, so they can help customers visiting the branch with digital questions.” 

Read more about the digitisation of banking services

TSB appoints chief digital officer

TSB has already appointed a chief digital officer to its executive team.

Ashley Machin, TSB's chief digital officer said: "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."

TSB published research in February 2015 that found the bank branch was the most used channel, with 36% of customers only using branches of the bank; 22% using online only; and 2% using just telephone banking. Some 24% use a combination of branches and online, while 7% use all three channels.

The TSB study also found that 88% of personal banking accounts were agreed, 85% of mortgages were applied for and 71% of personal loans were taken out in branch.

Read more on IT for financial services