UK banks branches are closing due to the rise in online banking

According to figures obtained by the BBC, over 600 bank branches have closed over the past year, with the rise in telephone and online banking being cited as the reason why.

Who is most affected?

Rural areas have been more affected by the closings, with the five of the top 10 areas losing banks being located in Wales. The RBS Group closed the most banks over the past year, being closely followed by HSBC, while the Co-operative Bank closed the least.

Over 3,000 bank branches have been shut down over the previous decade according to the Campaign for Community Banking Services, leaving roughly 8,000 bank branches in the UK.

Online banking increasing four-fold

“We never take the decision to close branches lightly,” a spokesperson for HSBC said. “The way we bank is changing very quickly, and with an increase in the use of online and telephone banking over the past few years, use of branches has fallen significantly.”

This is backed up by figures revealed from RBS that show that over-the-counter transactions have fallen by 43% since 2010, while online and mobile banking has increased four-fold.

Edited from source by Jordan Platt