From Monday, Penny will no longer provide Isle of Man Bank customers with a mobile banking service, the bank has announced. After a decade of operation, the service finds itself at an important crossroads. It has been able to provide island-wide community access to bank branches in places like Onchan, Kirk Michael, Laxey and Ballasalla.
Penny was brought into service in 2015 to cover for three branches Pulrose, Onchan and Douglas which had all closed in Onchan, Douglas and Ballasalla. Penny acts as a banking counter on wheels. This improves service for consumers in neighborhoods where bank branches have been shuttered. An unforeseen dramatic drop in customer ridership has forced them to make the difficult decision to shut down operations.
Footfall at the mobile banking service has decreased by more than 70%. This change is a reminder that customers unequivocally favor digital banking options today. Especially when more of their residents are banking online and not walking in the door. The Isle of Man Bank is leading the way by reordering its business around this opportunity.
“Our customers are using digital banking more than ever before” – A spokeswoman
The Isle of Man Bank only has four branches left on the island, in Douglas, Port Erin and Ramsey. The spokesperson reiterated the bank’s commitment to continue evolving with the needs of their customers and the broader industry.
“We are committed to evolving alongside the needs of our customers and industry-wide shifts” – A spokeswoman
The bank promised customers that its commitment to being a force for good in the community would not change.
“Penny has served our community well over the last 10 years and our commitment to serving customers across the island remains unchanged” – A spokeswoman
The removal of the mobile banking service is part of a larger trend as consumers shift away from traditional banking methods. As digital platforms gain traction, financial institutions like the Isle of Man Bank are increasingly focusing on enhancing their digital offerings to meet the demands of modern banking.
