Post Office rebranding exercise to aid competition with High Street giants
The Post Office is planning to develop the look and feel of each of branches and give a new experience to customers to complement its rebrand. The exercise is intended to help the Post Office compete with its highly successful high street rivals.
To help accomplish this goal, ministers are planning to meet with representatives from the top banks in order to see what changes can be made to help their customers get more use out of the variety of services offered by the Post Office.
Although the Post Office currently offers a lot of services which one would find in a bank, such as saving accounts; currency accounts; insurance; mortgage; and currency exchanges, it is not the first port of call for most people who require these services. Thus, the Post Office intends to rebrand itself as the go-to provider for all financial products.
Post Office Money
The new name will be Post Office Money, and highly competitive rates for mortgages and savings will be offered to new clients in order to get their new brand noticed. Added to this, there will be longer opening hours; 2,500 of their 11,500 branches will be open on Sundays; 100 of their branches will have mortgage providers; and 239 branches will have current accounts.
The Director of the Financial Services at Post Office Money stated that: 'We will have further product announcements coming shortly but overall we hope the new brand will ensure that Post Office Money is recognised by customers who wouldnít normally consider us for their financial products.
'Through the new Post Office Money brand we want to become peopleís first choice when thinking about a mortgage, credit card or a safe haven for their savings.'
The Government is supporting the Post Office in its new push, helping to ensure that customers are able to access basic services in every branch, such as paying in cash and withdrawing cash.
As more and more customers have been turning to the internet to make basic transactions and check their balances, leading banks have been reducing the size of many of their branch networks. This trend has even led some major banks to close their last remaining branch in remote areas.
Where some banks such as the Royal Bank of Scotland, and Lloyds Bank, had in the past promised to protect specific branches from closure, they are now looking to close branches where are used less frequently.