News Column

Branches in decline

July 8, 2014

Use of bank branches is falling sharply as customers turn to mobile phones, contactless cards and text messages to conduct their banking needs, according a report published today.

An industry lobby group, the British Bankers Association, said the size of branch networks - already shrinking - would decline further.

Nearly pounds 1bn a day is being transferred through internet banking, the BBA said. "Day-to-day branch use is falling sharply and while the size of these networks will decline, high street outlets will remain important for those bigger moments, such as when a customer takes out a mortgage."

More than 1,000 branches were refurbished this year. But Derek French, the director for the Campaign for Community Banking Services, said that 300 branches were closing or earmarked for closure this year - more than the whole of 2013. Jill Treanor

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Guardian (UK)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters