Since 2015, 2,868 retail bank and building society branches have closed or will do so by the end of 2018, with NatWest, HSBC, and Lloyds Bank toping the list of banks with the most closures.
Banks are finally moving toward a digital future. Banks have been focused on enhancing their digital channels for some time, but it seems these efforts are now translating into meaningful changes. For example, BBVA recently announced that it aims to convert 50% of its customers to mobile banking by 2019, meaning that it many of its branches would likely be redundant by then. And other banks have stated that they are focusing their investments on digital innovation to overhaul their services, which is likely to lead to fewer physical touchpoints for consumers. Moreover, this is a trend that is not limited to the UK, but is something that we are seeing all over the world. This could indicate the beginnings of a shift toward a cash-free society in the future.