FSU Welcomes AIB U-turn on cashless branches
22 July 2022
A new model of stakeholder banking is required – says FSU
John O’Connell, General Secretary of the Financial Services Union (FSU) has welcomed the statement by AIB that it is not proceeding with its plans to remove cash services from seventy branches across the Country.
Commenting on the announcement John O’Connell said:
“The FSU were clear from the outset that the proposed decision by AIB to remove vital cash services would affect vulnerable people and small business the hardest. We welcome the banks decision to reverse course.
Survey after survey tells us that public trust in banks is extremely low and decisions like this only reinforce the view that bank senior management are out of touch with their customer’s needs.
We need to rebuild trust in the retail banking sector. A stakeholder approach to banking, common across the EU should form the basis of change.
Workers and consumer advocates on the boards of the main retail banks would have brought a different dimension to the internal decision-making process in AIB and may have avoided the unease and anger of the last few days.
The regulator and the Government need to play a proactive role in determining the future of banking.
Banks need to revaluate their rush to please and reward their shareholders at the expense of customers, businesses, and staff.
The regulator needs to urgently update the consumer code of conduct and Government need to legislate to protect access to cash.
Change is happening in the banking sector at a rapid pace. We can manage change if it is done in an inclusive and transparent manner.
Better stakeholder engagement, worker and consumer board directors and greater reward for staff and putting the needs of customers at the core of its business model would be a good start.”