As more and more Brits rely on bank apps, the UK has been witnessing more and more banks closing down. However, it is taking a toll on older and more vulnerable citizens.
Two of the country’s leading banks are in the process of closing down a total of 63 branches.
On Friday, Barclays declared that it would close down 10 more branches; it has already closed 70 branches this year.
Lloyds Banking Group has announced that they will be closing 21 Lloyds Bank sites and another 15 Halifax High branches, while Bank of Scotland will close down 17 of its branches between September and May 2024.
In January, the company announced the closure of 40 Lloyds and Halifax branches. The closure has been announced all across the UK. Since several customers choose to rely on banking apps, it is not surprising that many branches are shrinking in numbers.
Nonetheless, such moves by the company are not being welcomed by older and more vulnerable people, as they lack access to the internet.
A report by Age UK last month revealed that increasing dependency on digital banking coupled with cashless transactions and the closure of branches will affect some people’s being “cut adrift from society.”
A survey of those over 65 revealed that 27% managed their financial accounts through a branch or physical location like a Post Office instead of online. While 75% stated they carried out at least one transaction in a branch.
Lloyds revealed that its 20 million customers frequently relied on online banking and that there had been an average 55% drop in the number of customers visiting the bank physically in the last five years.
Without revealing the location, Lloyds further continued that some branches saw a decline of 73%, forcing them to close them.
As per the spokesperson, “Alongside our digital and mobile banking options, we’re introducing more community bankers to provide face-to-face banking support in communities.”
“Customers can also bank with us over the phone, through the Post Office, or in a banking hub.”
The bank also revealed that all the staff at those branches being forced to close would be “offered a role at another branch or elsewhere in our business.”
- Published By Team Timeswire