Does your bank still have a branch in your town?

Barclays has announced the closure of another 14 branches in England and Wales as the business joins rivals in scaling back its network.

Over the past few years, the trend of UK banks closing branches in the high street has been on the rise. However, this year the pace of closures seems to be picking up even more, with several major banks announcing plans to shut down numerous branches across the country.

One of the primary reasons behind the closures is the shift towards digital banking, as more and more customers opt for online and mobile banking services. This has resulted in a decline in foot traffic in physical branches, making it less economically viable for banks to maintain a large number of branches in the high street.

Another factor contributing to the closures is the economic impact of the COVID-19 pandemic. With many people working from home and social distancing measures in place, there has been a significant reduction in high street footfall. This has forced many businesses, including banks, to reassess their physical presence in the high street and look for ways to cut costs.

Several major UK banks have already announced plans to close branches this year. For example, Lloyds Bank is set to shut down 56 branches across the country, while NatWest is closing 197 branches, and HSBC is closing 82 branches. This will leave many towns and communities without a local bank branch, potentially making it more difficult for some customers to access banking services.

However, the banks have emphasised that they are committed to providing alternative ways for customers to access their services, such as online banking and mobile apps. They have also pledged to provide support and guidance to customers affected by the closures.

Overall, the trend of UK banks closing branches in the high street is unlikely to slow down anytime soon. While this may be concerning for some customers, it is a reflection of the changing landscape of banking and the increasing reliance on digital services.

Has your local branch closed down? Do you use online banking? Do you use a mobile banking app? How do you feel about no longer being able to visit your local branch?