Cynergy Bank has taken the decision to close its branch in Southgate. This decision has been taken following a review of the transactions and customer activity in its Southgate branch. Along with the rest of the banking industry, Cynergy Bank has seen more customers move online for ease and convenience.
The decision will help with the Bank’s strategy to support business owners, property entrepreneurs and family businesses, which it will continue to service through its UK-wide regional office network, and retail savings customers, who predominantly open and service their accounts online.
The Bank has seen a significant fall in the number of customers using the branch, as they find alternative channels (such as internet banking and telephone) to be more convenient. The Bank is observing the Access to Banking Standard, including providing customers with 90 days’ notice prior to closure and advising of alternative ways to manage their accounts.
Cynergy Bank has an arrangement with HSBC in place whereby customers can use HSBC branches to deposit cheques and cash into their Cynergy Bank accounts. Customers can also use the Quick Cheque deposit box in the Southgate Office reception.
In addition, Cynergy Bank’s UK call centre will remain open – operating from 8am to 6pm, Monday to Friday; and the Bank has full online internet banking capability for customers and will continue to offer a postal service.
The closure relates to the branch service at Southgate; operational facilities and the office for business customer appointments will remain open.
Will Swain, Chief Customer Officer of Cynergy Bank said: “Technology is changing the way we run our lives and this is as true for how we deal with our banks as it is with other services. At Cynergy Bank we’ve seen a dramatic increase in customers choosing to interact with us through remote channels in recent years. The falling levels of in person customer activity does mean we will be closing our branch in Southgate. We are writing to all our customers who have used the branch – letting them know of the alternative ways they can manage their accounts with Cynergy Bank, including the use of larger HSBC branches to deposit cheques and cash.”
The refocussing of Cynergy Bank’s operations will allow the Bank to continue to invest in and offer compelling savings products to retail customers, such as the award winning consistently competitive Online Easy Access Account, along with its customer-focussed business banking support for UK business owners, property entrepreneurs and family businesses.
The branch in Southgate (87 Chase Side, London, N14 5BU) will close on 6 March 2020.