Residents and businesses in Cambuslang will soon be able to access “game-changing” basic banking services on their own doorstep.

Progressive ‘banking hubs’ are being set up and Cambuslang is one of only eight UK towns taking part in the trial to help address challenges of improving access to cash.

Cambuslang was selected due to its location, the issues faced by the community and the willingness of local people to lead the pilots.

A local banking hub will open in the coming months in an empty retail unit on Main Street and will combine the cash transaction facilities of a Post Office with access to community banking services offered by the key retail banks.

With the introduction of speedy and automated cash deposit facilities for small businesses, Cambuslang retailers will no longer have to shut up shop to travel to banks in other towns to deposit their takings.

The pilot will see the restructuring and refurbishment of existing Post Office branches, with services streamlined to make it easier to withdraw and deposit cash quickly and safely.

Cambuslang residents will also be able to access widespread cashback’ from local stores, restaurants and pubs – as well as from PayPoint counters and new app-based digital services.

In addition, there will be: new, free-to-use ATMs; education services to help with access to digital banking services; debt advice; a banking hub ‘drop and go’ cash deposit facility for small businesses; and widespread advertisement of what the banks can offer vulnerable customers.

These will be fully operational by the end of the year.

The pilots will operate for the first six months of 2021 and will report their findings next summer.

Cambuslang Community Council is leading the town’s pilot. Chairman John Bachtler said: “The loss of all three of our bank branches severely damaged our Main Street.

“We are delighted at the opportunity to pilot a banking hub offering a range of basic banking services to businesses and residents. We have had great support from the Community Access to Cash team, and look forward to making the banking hub a success.”

It is hoped that the commitment of the major banks, the Post Office, LINK and key consumer groups to work together will help create solutions that keep cash viable in a sustainable way, while providing an important insight into how to best meet future cash needs.

The scheme was also welcomed by Rutherglen and Hamilton West MP Margaret Ferrier. She said: “The pilot is a game-changing development and it is exciting to see such wide-ranging and ambitious proposals to support banking within the community. 

“At a time when coronavirus continues to cause financial anxiety for my constituents, I hope that these new facilities will encourage more people to shop local and support efforts to recover from the pandemic, as well as improving financial literacy across the board.

“I look forward to seeing the new financial hub take shape and I would encourage all constituents in Cambuslang to make the most of these exciting new facilities when they get going next year.”