Isles of Scilly: Lloyds to close last remaining bank branch

Can see what people would need that post office can’t provide. Surely just cash drops and change making. Everything else can be done on the phone or online

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Won’t somebody think of the old people!

nope! Lloyds and Barclays have special teams that they can call for help

An old fogey team?

yes they do.

Seriously I know someone who is of an age (no I am not talking about @Neil ) and they can call Lloyds on a special number and have a pre-agreed set of security processes. apparently it’s like the vulnerable customers unit for but for old peope

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It’s an over 70s unit, I think, and there is a different number to use if you need it plus the ability to note down adjustments that the customer might need on their file (so possibly different methods of security checks, etc).

The “we lost Barclays… we never saw this coming” did surprise me a bit!

Clearly if banks think having a branch in that location is unviable, eventually they will all leave; so why they “expected” Lloyds to stay when Barclays didn’t makes no sense to me.


Yes, of course it would!

I guess perhaps they thought that Lloyds being the only bank with a branch left in the Scillies would’ve given them a de facto advantage over the other banks that had since closed their physical presence on the islands in attracting new customers and maintaining existing ones. Lloyds clearly didn’t see it this way though!

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I suppose so, although that either pre-supposes a large market of “branch-reliant” customers or assumes that a certain size of town/village “deserves” at least 1 branch just as a public service.

Given that banks are for-profit companies this kind of thinking just isn’t logical.

Also, the ideas that tourists/visitors “need” cash machines, again, is rooted in cash-centric thinking and the reality is that the majority of people no longer think of transactions in this way primarily.

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Interestingly even though I think internet banking, telephone banking and post offices can take over the daily banking functions I feel like Lloyds or Barclays missed an opportunity to maybe invest a bit elsewhere.

Both have card processing arms, both could have maybe kept a part time member of the team in the post office or maybe a have someone work from home and go visit people who need help. Would have been great PR and set a standard for other regions losing their branches

Lloyds did promise a “community banker” which is similar to that kind of service.

This is much more than many areas losing their branches get, so they can’t complain about much really.

Think Episode 9 GIF by NBC

The Isles of Scilly have a total population of 2224 according to Wikipedia. That’s a minuscule number of potential customers to aim for.

I’d say once you then add on second home owners who often spend many months of the year there (the Isles of Scilly have a higher proportion of second homes than anywhere else in England and Wales other than the City of London) and other frequent visitors/part-time residents who lease/let instead of owning property (often done as a timeshare-type agreement over the year with one family agreeing to rent a property for months A-B, another for months C-D etc.), there’s probably a far greater pool of potential customers than what just the official population figure would suggest. These potential clients are also, on the whole, quite a bit wealthier than your average Brit, I’d safely assume, meaning they could be especially profitable for a bank to acquire or maintain as customers.

But Lloyds have clearly done their own analysis on this. Seeing as there’s no bank with a physical presence left on the Isles, they probably aren’t concerned about their exit causing an exodus of locals to another bank. And with the community banker service they’ve said they’ll provide, as crap as that might turn out to be, it’ll be the most in-person banking service left available so locals will begrudgingly see it as better than absolutely nothing, I suppose.

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Exactly, and they can claim a “continued commitment to the islands and local community”.

Looking at back at this from yesterday, I bet this is exactly what they will do.

The press release almost writes itself!

I can mention pretty definitively that there’s definitely no cost economics that would make a branch in a place with 2000 people, viable.

I think the only thing that could potentially be “not hurting the pockets enough to matter” is one of those “shared branches”

Like, even considering these people could be second home owners with good wallets, what services would they need from the only branch left? Those types left cash a while back I think.

Pom’s Thai is gonna miss out on someone to deposit their cash with and within the next year or so (if not already) the island will become entirely cashless. It’s a good test bed for the U.K.