Barclays will close another 14 branches at sites across the UK, two in Wales and 12 in England. It is the third time this year that Barclays has announced a set of branch closures. The latest announcement brings the total number to 58 so far this year.
Barclays, Nationwide, Virgin Money, NatWest, Lloyds, Halifax and TSB have announced a cumulative of 132 closures between them, data from Link, a cash machine company, said.
The closures will affect local communities, giving some people fewer alternatives to do their banking.
In recent years, UK banks have been closing physical branches at an increasing rate, as customers increasingly turn to digital banking channels. This trend has been accelerated by the COVID-19 pandemic, which has forced many customers to avoid physical interactions and rely on digital banking options.
According to recent reports, several major UK banks have announced plans to close hundreds of branches over the next few years. For example, Lloyds Banking Group recently announced plans to close 44 more branches across the country, bringing the total number of closures to 100 this year. Similarly, NatWest Group announced plans to close 197 branches across the UK over the next two years.
The closures are part of a broader trend towards digitalization, as banks look to reduce operational costs and adapt to changing customer behavior. Many customers now prefer to use mobile banking apps and online banking platforms, rather than visiting physical branches. As a result, banks are shifting their focus towards digital channels, which are more cost-effective and offer greater convenience for customers.
While the shift to digital banking has many benefits, it has also raised concerns about financial exclusion, particularly for vulnerable or elderly customers who may not have access to digital channels. Banks have responded by offering alternative banking options, such as mobile branches and community banking hubs, to ensure that customers in all areas have access to banking services.
Despite these efforts, the closure of physical branches is likely to continue as banks prioritize digital channels and cost-saving measures. This shift is transforming the banking landscape in the UK, and customers can expect to see more changes in the years ahead.
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