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This month marks more bank branches across the UK being closed, as providers place more focus on online and mobile banking. If one’s local area is affected it could mean they have to travel further to conduct their affairs, or move to digital banking.
A 2020 Parliament briefing paper suggested the number of bank branches in the UK roughly halved from 1986 to 2014.
In addition, 2022 Parliament data showed the number of bank and building society branches in the UK fell by about 34 percent between 2012 and 2021.
The latest report acknowledged “widespread public and political concern” about bank branch closures, and the effects on communities.
However, banks have said they need to close certain branches as a result of a lack of footfall.
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The Barclays website states: “With customers visiting our branches less and less each year, we must constantly assess how and why our branches are used and make decisions based on that insight.”
NatWest said banking had changed “dramatically in recent years” and it took the decision to close branches “very seriously”.
Lloyds stated when making the decision to close a branch, it always looks to “understand the impact on customers”.
While Halifax stated it “doesn’t always add up” to keep a branch open.
