When is a bank not a bank?

This summer in Portugal, I stumbled upon some really smart thinking from the banking sector. We’ve all witnessed the slow disappearance of banks from our high streets, leaving behind grand buildings that are either empty, or serving expensive Cappuccinos.

The rise of online banking and the convenience it brings has driven the sector to behave as if local branches are obsolete, reducing banking to an almost totally virtual experience.

But is that really the best outcome for people? And for the banks themselves?

While wandering through a sunny Portuguese seaside town called Espinho, I came across a Santander Work Café that challenged this narrative. This wasn’t just a bank - it was also a bustling café and a co-working space all under one roof. It was a fusion of the old and the new, bringing people. and their businesses, closer to their finances in a way that felt personal, relevant, and above all, human.

For years, banks were a focal point of our communities. They weren’t just places to deposit money but spaces where one could seek advice, plan for the future, discuss new business ventures and build physical relationships with the bank and its people. Yet today, the opportunity of sitting down with a bank manager feels almost unheard of. Instead, we’re left navigating automated systems, and challenging security protocols in a soulless, human-less experience.

Many of us are left feeling more distant from our money than ever. And banks are more distant from real local customers than ever before too. Nationwide Building Society are bucking the trend, and have nailed what's happening on our High Streets their hilarious ‘muffin me’ TV ad.

This was the first time I had seen Santander’s Work Café approach and for me it appeared to reinvigorate this lost connection between the banks and real local people. Imagine sitting down for a coffee, working in a shared space, and being able to speak to a banking advisor when needed. It’s a return to the idea of the bank as a community hub - a place where finance and life intersect naturally.

Could this innovative blend of banking, co-working, and café culture be the new future of high street banking. By reimagining the role of the physical bank, Santander is brilliantly bringing its relevance back to the high street.

It turns out they've already arrived in the UK, with Leeds, London and Milton Keynes branches open and with more to come. Santander say everybody’s welcome, you don’t need to bank with them to visit and use these spaces. How brilliant is that!

So the question now is: could this be the blueprint for other banks to follow? Traditional banks haven't always been the fastest to move and innovate, but with many new savvy digital upstarts in the marketplace like Tide, Monzo Bank, Starling Bank, Chase, Revolut, it certainly feels like bricks and mortar could get them their advantage back. What do you think?

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