The new TSB: What will it mean for customers?

What will the arrival of 631 new TSB branches mean for customers? Our editor-in-chief, Clare Francis catches up with Peter Navin, TSB's new managing director of branch and business banking, to find out...

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TBS is back on the high street, it’s got 631 branches, which were formally Lloyds TBS and C&G branches and nearly 5 million customers.

So, what’s it going to mean for these people and what’s it going to mean for banking here in the UK?

Well I’m here to speak to Peter Navin, who is managing director of branch and business banking at TSB, to find out…

Clare Francis: So Peter, nearly 5million customers are now TSB customers, have they all been notified of the changes?

Peter Navin: Oh yes, they absolutely have. We have written to them several times over the last 6 or 9 months, just to make sure everything is very very clear.

We’ve gone to a lot of effort to make sure this really doesn’t affect people at all; they have to do nothing at all if they are becoming a TSB customer, it should be very straight forward.

One of the few things they need to do is to make sure that they save as their internet banking homepage.

CF: And what will it mean for them? Will it mean account numbers and sort codes changing?

PN: We have already re-issued things like debit cards and credit card, so they have got the right numbers on them. A few months from here we’ll get new TSB branded ones out there.

But, the key thing that we want to make sure, is the in these initial few months, we want to make sure, obviously, that we are launching this new on the high street, bringing local banking back to the high streets of the UK, but we want to make sure we don’t change to much to quickly. We are starting with 4.5million customer, as you say.

CF: And what about it somebody doesn’t want to bank with TSB, if they stick with Lloyds, what are the options for them?

PN: Well, we are very respectful of the fact that customer have to have a choice, so it is entirely up to them where they want to banks, so, if for example somebody does want to go back, or to bank with Lloyds, or we have Lloyds customers, some of them whom the new TSB bank will be more convenient, so that can be very straight forward and there is a process for people to do that.

What we would say though is give us a chance, we are a new bank here on the high street, we are bringing local banking back to 631high streets across the UK, so, just give us a chance.

We are a new team, with a new ethos.

CF: And what are you going to do to attract new customers?

PN: Well I think the key thing is initially we are going to keep things the same. So, we are not going to do any racy things, we are going to keep things very straight forward because as I say, this is a high street bank.

The whole point is that we want to make sure that if you’re the type of person who wants to know that every pound you deposit with this TSB bank is only going to be used, for example, to help someone fund a mortgage or to help a local business, then this is the type of bank you want to come to.

It’s a straight forward bank, no funny business, no investment banking, no casino banking, just straight forward, 100% focus on personal, small business banking.

CF: and if we look further ahead, what are your plans to differentiate yourself from other banks on the high street?

PN: Well, over time what we are going to do is to try and bring to life what local banks mean, so for example we have started a few pilots, small number of pilots, where we are looking, for example, where there is spare space in some of our branches, making that available for local charities AGM.

We are also looking at things like, how can we explain to customers really really clearly how does this bank make money and also explain, for example, their mortgage, unfortunately has been declined, why was that? Explain to them in really clear English why that happened and what they can do about it.

CF: Thanks very much for your time Peter

PN: Thank you

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