The rapid cessation of banks across the United Kingdom is a result of a rise in online banking usage. Concerns have been expressed, however, regarding the impact on elderly and vulnerable populations.
Two of the nation’s largest banking institutions have announced the closure of 63 branches.
On Friday, Barclays announced 10 more branch closures, adding to its more than 70 announced this year.
Between September and May 2024, 21 Lloyds Bank, 15 Halifax high street, and 17 Bank of Scotland branches will close.
The company declared in January its intention to close 40 Lloyds and Halifax locations.
The closures will affect England, Scotland, Wales, and Northern Ireland.
The UK’s fast drop in physical institutions is due to online banking.
Concerns have been expressed, however, that the closure of large numbers of high street branches could create difficulties for elderly and vulnerable individuals who lack easy Internet access.
Age UK warned in a report issued last month that the rise of digital banking, contactless transactions, and the closure of bank branches posed a risk of some individuals becoming “cut off from society.
The charity commissioned a survey of people aged 65 and older, which revealed that 27% administer their accounts at a branch or other physical location, such as a Post Office, rather than online.
75% of respondents indicated they desired to conduct at least one transaction in a branch.
Lloyds stated that more than 20 million customers routinely use online banking across its brands and that visits to the 53 branches it is closing have decreased by an average of 55% over the past five years.
Lloyds reported that the branch slated for closure with the lowest foot traffic had a 73% decline in visitors. It failed to disclose the location.
A spokeswoman said we are adding community bankers to provide face-to-face banking help in communities.
Customers can also bank with us over the phone, through the Post Office, or in a banking hub.
The company stated that all affected employees would be “offered a position at another branch or elsewhere in our business.
