Press release -
Post Office 2020 Strategy – Securing the Future
- We are changing to meet customer demand and growing the business with longer openings hours, increased range of competitive products and more modern environments.
- We are committed to a network of over 11,500 branches, keeping them at the heart of communities and on high streets across the UK.
- We will provide more support for crucial community branches, with £20m dedicated specifically to them for the three years up to 2018.
Paula Vennells, Chief Executive of Post Office Limited, said:
“Today we are outlining our strategy to secure the future of the Post Office with ambitious plans for a modern, digital and thriving business in 2020. We are investing to dramatically improve what we offer, making it easier for customers to do business with us and enabling us to become more commercially sustainable in the future. We are modernising our branch network, increasing the range of financial products we offer and providing new digital platforms. We are going to be wherever our customers are, whether it is close to home, to work or on-line.
“The additional funding confirmed today allows us to develop our branch investment programme and bring its benefits to more customers. It will see up to 8,000 branches modernised and additional investment in over 3,000 community and outreach branches. Over 1,400 have already been modernised since April 2012 with 34,400 additional opening hours across the UK. Customers have shown overwhelming support with around 95 per cent satisfied with the new branches. Many of our subpostmasters are also reporting increased footfall and a growth in retail income as a result of this investment. We recognise however the challenges some subpostmasters face across our branch network, so are taking steps to support them too.
“Today’s announcement, following endorsement by the National Federation of Subpostmasters (NFSP) of the network modernisation programme, comes with a clear commitment – the size of the branch network will be maintained at around its current position of over 11,500 post office branches. Customers have been clear, that they want Post Office services in their communities and on high streets; we want this too whilst also meeting their changing needs, and in turn helping subpostmasters thrive.”
Securing the Future: 2020 Strategy document can be found at www.postoffice.co.uk/modernisation
Contact - Post Office, Press Office
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About the Post Office
The Post Office (Post Office Limited) has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.
The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit http://www.postoffice.co.uk/.
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