The UK Post Office plans to become one of the biggest financial services providers in the United Kingdom by the end of the decade. With over 11,500 branch networks to attract customers moving their accounts from one place to another, the Post Office has placed their mortgages, insurance and savings products into the “Post Office Money” brand on Monday.
The Post Office Intends to unleash a plethora of products to challenge the authority and competency of banks. Ahead of a meeting between Business Secretary Vince Cable and the UK”s biggest banks, Vince Cable will implore them to provide more services
Mr. Cable will stress that the services in Post Offices be streamlined rather than be specialised per bank. Cable will encourage banks to offer a broader range of services for post offices.
According to the Post Office, it intends to overtake the UK banking industry’s leading financial services providers by 2020. It is using current accounts in 239 branches striking a deal with the Bank of Ireland and has mortgage advisors around 100 locations.
According to Post Office Money’s Director of Financial Services Nick Kennett, the Post Office’s branches would be a significant advantage as banks are closing their high-street locations and the plentiful branches they have.
“Consumers want a choice about how they manage their money; at Post Office Money our customers have access to an unrivalled network as well as online and phone,”