MORE than 30 people gathered in Frome Town Hall earlier this month to listen to a talk about the future of community banking in Frome and a hear about a solution that could work well in the town.
The event on 3rd October, saw a talk by Duncan Cockburn, the chief executive and founder of OneBanx, whose banking kiosks enable residents to deposit and withdraw cash, make payments and get help with setting up or using online banking.
The meeting was led by Dr Sam Evans, co-founder of Prosper Frome, who outlined the impact the banks leaving is having on our communities and explained why OneBankx may have a solution that could work well here.
Local residents, business owners and a number of town and county councillors attended the talk while a message of support from local MP Sarah Dyke was also read out.
“OneBanx has developed a kiosk which allows users to connect with any bank to undertake transactions including the banking and withdrawal of cash and change,” says Sam. “Seven of these kiosks have been rolled out in Wales and the North East and are being taken up by local building societies who see this as an additional service for their own customers as well as offering a much-needed service in towns where the banks are leaving.
“The kiosks can also be situated in shops or community premises such as libraries. Although the kiosks rely on internet skills, the elderly and vulnerable are helped to engage and undertake transactions either by building society staff or, in public spaces, by trained volunteers or paid staff. This is a solution that is working for small towns such as Morpeth and Cowbridge and could work here in Frome.
“Duncan’s talk was met very positively and the Q&A session focused on how OneBanx’s solutions could cater to the needs of small businesses, charities, and non-profit organisations as well as to the general public. The event also attracted representatives from a number of neighbouring towns including Tisbury and Shaftesbury who are grappling with similar banking challenges.”
Next steps: Due diligence and community collaboration
“Our next step is to dig a bit deeper into how the system works and how it could work in Frome,” added Sam. “Prosper Frome has assembled a small team of local experts in the field of banking IT and those working in the industry so we can convince ourselves that this is as good as it looks. We are also interested in exploring where such a kiosk could be placed and the implications of it not being hosted by a building society.
“We feel that the event marks a pivotal moment in the journey towards a more inclusive and community-focused banking system for Frome and could be the solution to community focused banking.
“If you would like more information, would like to sign up for our newsletter, or would like to get involved, please contact: Prosperfrome@gmail.com
