There was a time when you would need to visit the bank to make any changes on your account. Aspects like setting up a direct debit, making a payment to someone or checking your balance were all done solely in branches. But as the online market grew, the banks grew with them, creating secure websites where people can manage their money from the comfort of their own home or on the go on their mobile.
Like high street shops, which have struggled to stay open with the likes of Amazon and eBay taking their custom, banks have also been affected, but in a different way. With their secure sites and call centres at the ready, around 40 per cent of branches have closed since 1989 as they are simply not needed. This equates to 7,500 branches closing throughout the UK, according to a report conducted by Nottingham University.
But it seems that the rate of bank closures isn’t about to stop anytime soon. HSBC continues its closure programme with five rural branches and a further 20 in October set to close. The Royal Bank of Scotland (RBS) has closed 60 branches so far this year, which includes some Natwest and Ulster branches. Whilst Santander has shut 45 and Barclays have closed 16.
Will the rate of branch closures slow down anytime soon? The British Bankers Association (BBA) thinks not.
A spokesperson said: “That change is only going to increase with innovations such as smartphone apps and internet banking, which ultimately means that fewer people now need to go into a branch on a regular basis.”
Do you prefer to visit a branch to make changes to your account, or do you find the internet and mobile apps much easier?
