Major high street banks like Santander, NatWest, Lloyds, and Halifax are planning to shut down a total of 52 branches in May. This move comes as part of a broader trend, with banks and building societies closing approximately 53 branches per month since January 2015, amounting to a total of 6,719 closures, according to Which? magazine.
The increase in online banking usage is cited as the primary reason for these closures. However, concerns have been raised by charities about the potential impact on vulnerable individuals who rely on physical bank branches for access to financial services.
Santander is scheduled to close 27 branches in May, while NatWest will be shutting down 15 branches. Lloyds Bank and Halifax will also be closing eight and two branches, respectively, during the same month.
In response to the shift towards digital banking, a Santander spokesperson mentioned that the bank is adapting its branch network to better serve customers through various formats, including full-service branches, counter-free branches, and digital banking services.
Similarly, NatWest emphasized its ongoing investment in branch services to support customers effectively. Lloyds Banking Group highlighted the importance of offering customers diverse banking options, such as mobile apps, 24/7 messaging services, and local banking alternatives, to cater to evolving customer preferences.
As the banking landscape continues to evolve, these closures reflect the industry’s efforts to align with changing consumer behaviors towards digital banking services.