HSBC will close 69 more bank branches as Kovid Speed ​​shifts online

HSBC plans to close 69 more branches, up from 82 it dropped last year, claiming the epidemic has accelerated the transition to digital banking.

This is the latest in a series of banks announcing the reduction of its network in response to a change in customer habits. Which is the consumer organization? The number of closures over the past few years has been “alarming” and millions of people have said they are not yet ready or able to go fully digital.

HSBC had 593 branches earlier this year, but the latest round of closures – scheduled for mid-July and early October – will bring it down to 441, with 96 described as “full service” outlets over a wide range. Services offered.

The 69 branches that are being closed are spread across the UK from Inverness in the Scottish Highlands to Falmouth in Cornwall.

Those evacuated include branches in high-profile London locations such as New Bond Street, Murgate, Angel Islington and Gloucester Road in South Kensington – areas that are likely to lose crowds during the epidemic, when millions of workers move around the capital. To work from home.

HSBC says it has decided to “reshape” its network in response to the growing popularity of mobile and online banking.

With less than half of its customers now actively using the branch network, the average footfall has dropped by more than 50% since 2017, a spokesman said.

Closing means that the average distance a customer would go to a branch to talk to a real person would be four miles.

Jenny Ross, Money Editor at Konti, said: “There have been alarming numbers of bank closures in recent years, and many customers who rely on the bank for access to cash for daily necessities and face-to-face services will be concerned. It’s about what these latest closures mean for them. “

Multiple branches were declared closed during the epidemic, with financial institutions urging customers to abandon traditional counter services in favor of online banking. In November 2021, TSB announced that it was closing 70 more branches. Last October, Lloyds Banking Group said it would close 48 more branches, while in September, Virgin Money announced it was closing 31 outlets for good.

Which one did Ross say? He called on the government to implement its commitment to enact legislation to ensure that consumers are able to access cash for as long as they need it.

HSBC said all branches closing had a post office within 1.5 miles and 90% had 10 or more free usable ATMs within one mile. It added that it would renovate branches in key locations, install new integrated deposit and withdrawal cash machines, host pop-up events at local libraries and community halls, and provide free tablet devices to some vulnerable customers.


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