TODAY |

A look at the possible future of banking in small New Zealand towns

A new banking hub launched today in Martinborough is being described as the possible future of banking in small New Zealand towns.

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There are four regional banking hubs being trialled around the country. Source: 1 NEWS

It's one of four regional hubs being trialled around the country in response to banks shutting down individual branches.

“Fundamentally what this is about is making sure we continue to see people who live in regional towns still able to access face-to-face banking,” Finance Minister Grant Robertson says.

In addition to being able to withdraw or deposit cash with any of the six major banks at a smart ATM, you can also use an iPad to do your online banking.

National's worried the hubs could have a negative impact.

“If it leads to closure of banks in the surrounding area and people have to travel further to their bank, clearly that is not something we'd like to see over the longer term,” National MP Andrew Bayly says.

1 NEWS witnessed several people struggling with the new concept in Martinborough today.

However there will be plenty of time to practice, with the trial of the hubs set to run for a year.