TSB Bank enters restructuring process

New Plymouth-based TSB Bank is “streamlining and simplifying aspects of the bank”. Photo / NZME

TSB Bank has begun a consultation process with its staff, proposing a range of operational changes across the business.

The New Plymouth-based bank confirmed to the Herald it was “streamlining and simplifying aspects of the bank” in favour of a digital transformation amid declining branch usage.

No indication was given as to how this would look, including redundancies.

TSB has just over 650 staff.

“Proposing change is never a decision that is made lightly, and we are committed to carrying out this process carefully, with respect and support for our people,” departing chief executive Donna Cooper said.

Cooper will leave her role on July 28, having joined the bank in 2018.

“We must continue to digitally transform our business to keep delivering easily accessible and intuitive products and services. These need to drive better customer outcomes and ensure we remain modern and competitive and achieve our goal to be the easiest bank to deal with,” Cooper said.

“That is why we are streamlining and simplifying aspects of the bank and investing in the futureproofing of our business to be in a strong position long term.”

Cooper said TSB, like all banks, was seeing branch use “rapidly decline.

“TSB has begun evolving its in-person service model to align with customer preferences, which include providing more specialised support in the moments that matter like getting a home loan and developing smarter technology for easy day-to-day banking,” she said.

“We’re committed to continuing to improve on this to better meet customer needs, which is why we are proposing some changes to our branch network.

“Our customers can be assured that we’ll proactively support them with their banking needs throughout any changes.”