Having thousands of bank workers in expensive city offices "may be a thing of the past", according to Barclays CEO Jes Staley.

Although most banks were already rethinking their long-term location strategy, Covid-19 has presented the financial services sector with a real opportunity to better serve customers and support their teams.

The pandemic has highlighted the ever-decreasing need for head office staff to physically attend work. Conferencing technology and the quality of most personal broadband connections mean that employees can work just as, if not more, effectively at home.

For example, having teams work remotely through distributed connections and cloud tools may actually improve operational resilience. What's more, it is arguable that most people prefer working from home and cutting out the commute means more time for childcare and leisure, which can provide a boost to employee wellbeing.

The resources banks would have used in maintaining a head office could instead be channelled into revitalising their branch network in a way that suits the 21^st century.  

We are seeing banks bringing in innovative ways of serving customers, including the most vulnerable, through initiatives such as roving bankers and mobile branches which bring banking much closer to people. These allow banks to retain their importance within a community, yet without always needing a permanent physical presence.

For inspiration, just look at the way retail has responded to the collapse of the high street, creating ?experiences? rather than merely a place to shop.

Centralised banking hubs are one possibility, offering a wide range of banking services and experts ?on-tap? as well as providing flexible workspace facilities for both the bank's home-based teams and clients. Small-scale entrepreneurialism can be supported by offering the chance for an independent coffee shop to operate. This not only provides a centre for office staff to work from when needed, but it also reduces the environmental and human impact of commuting long distances.

Beyond this, a banking hub will act as a magnet, drawing people to the area, combining their banking needs with running errands. This footfall is likely to provide a lifeline to nearby businesses, and offer a boon to rural and vulnerable communities.

The end result is that banks remain an essential pillar of the community, supporting those they serve and their people too.