Lloyds Banking Group is accelerating its digital transformation by closing 136 more high street branches across its brands, including Lloyds, Halifax, and Bank of Scotland. This decision reflects the shift towards digital banking, with a 48% decline in branch transactions over the past five years.
Lloyds Banking Group is set to close 136 more high street branches as part of its ongoing strategy to reduce costs and accelerate digital transformation . The closures will affect 61 Lloyds branches, 61 Halifax branches, and 14 Bank of Scotland branches between May 2023 and March 2026. This move follows a recent decision by Lloyds to simplify its branch network, allowing customers of all its brands—Lloyds, Halifax, and Bank of Scotland—to use any of its branches for in-person banking.
Lloyds assures that all employees at the affected branches will be offered alternative positions within the company. Once the closures are complete, the Lloyds brand will have 386 branches, Halifax will have 281 branches, and Bank of Scotland will have 90 branches. The bank attributes the branch closures to a noticeable shift in customer behavior, with individuals increasingly opting for digital banking services over traditional in-person transactions. Lloyds reports a 48% decline in transactions across its branches over the past five years, as customers increasingly utilize the bank's mobile app for payments and other banking needs.A spokeswoman for Lloyds Banking Group stated: 'Over 20 million customers are using our apps for on-demand access to their money, and customers have more choice and flexibility than ever for their day-to-day banking. Alongside our apps, customers can also use telephone banking, visit a community banker or use any Halifax, Lloyds or Bank of Scotland branch, giving access to many more branches. Customers can also do their everyday banking at over 11,000 branches of the Post Office or in a Banking Hub.' The group claims to be making 'good progress' with the transformation plan initiated in 2022. This announcement follows recent plans to close offices in Dunfermline, Scotland, and Liverpool, impacting over 1,000 employees. The cash access network Link has suggested the establishment of banking hubs in 21 locations affected by the closures to mitigate the potential lack of local banking services for customers
Banking Digital Transformation Branch Closures Customer Behavior Mobile Banking
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