Firm behind shared branch banking kiosks in three Scottish towns eyes UK roll-out

A company running a trial of its shared branch banking kiosks in three Scottish towns has secured backing from a Japanese tech giant for a UK roll out to scores of locations.

Interior architectural photography of OneBanks kiosk in Co-op Denny. Image: Chris Humphreys Photography

OneBanks, whose kiosks are in use in Denny, Lochgelly and Kilwinning, said cash automation technology outfit Glory would become its cornerstone investor following the deal.

The shared branch banking innovator has previously secured capital from angel backers including Rupert Pennant-Rea, former deputy governor of the Bank of England, and Baroness Bottomley, the former Conservative cabinet minister.

On completion of the deal, Glory will become the lead external investor with a significant minority of the enlarged capital and Javed Anjum, Glory’s head of software strategy and innovation, will join the OneBanks board. Also on completion, Jonathan Hughes, serial entrepreneur and investor in the fintech sector, will assume the role of executive chairman of OneBanks.

The firm is looking to fill the gap being created in the UK market by the progressive withdrawal from the high street of the mainstream banks. Following the completion of the current trial of its shared branch kiosk formats this year, the company intends to begin full UK nationwide roll-out, expanding to 15 locations by the end of 2022 and 150 by 2025.

Participating banks’ customers – both personal and small business – have free access to multiple transaction types, supported by a member of the OneBanks team who is recruited from the local community.

Duncan Cockburn, founder and chief executive of OneBanks, said: “We see a huge opportunity for us as an independent player enabling an efficient service model which will allow banks to offer better basic banking facilities in communities where they are needed.

“To have a leading global provider of banking technology solutions for the financial industry buying in so enthusiastically into our vision is immensely valuable - particularly at this stage in our development.

“Access to cash and the need for human interaction are still highly valued by many in our communities. We look forward to working together with our new partners to ensure that our concept of shared branch banking gains the widespread adoption to which we aspire.”

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