Lloyds, Halifax, Bank of Scotland, Barclays, HSBC, and Nationwide are closing hundreds of bank branches across the UK in 2024. The closures are attributed to a shift towards online banking and mobile services. While the rate of closures has slowed, the impact on local communities, especially the elderly and those in rural areas, is a concern. Banking hubs are being introduced as a solution to bridge the gap left by branch closures, offering a shared space for staff from multiple banks to provide a range of services.
LLOYDS, Halifax and Bank of Scotland are set to close almost 300 branches this year and with the map below you can check if your local is affected.Barclays, HSBC and Nationwide slash mortgage rates after BoE interest cut
There are now 20million people signed up to the group’s online services and it has invested £4billion in improving tech across the banks.Once all previously announced closures are complete, Lloyds Banking Group will have a total of 757 branches - 386 Lloyds, 281 Halifax, and 90 Bank of Scotland.While the rate of bank branch closures has slowed, research found that 410 bank branches shut in 2024 - more than one a day on average.
Solutions can include setting up banking hubs, new ATMs, or using Post Office facilities to keep cash services going. Operated by the Post Office, these hubs allow customers to perform routine transactions such as deposits, withdrawals, and balance enquiries.
Finance BANK BRANCH CLOSURES ONLINE BANKING MOBILE BANKING BANKING HUBS COMMUNITY IMPACT
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