Three prominent high street banks are planning to shut down 71 branches next year due to the increasing trend of online banking. Lloyds Bank, Halifax, and Bank of Scotland, all part of Lloyds Banking Group, cited the shift towards digital banking as the reason for the closures, announced earlier this year.
The closures will affect 40 Lloyds branches, 14 Halifax locations, and 17 Bank of Scotland sites. Customers facing branch closures have alternatives available to them. Lloyds, Halifax, and Bank of Scotland customers can conduct their everyday banking at branches of any of these three banks. Additionally, they can explore the option of using a “banking hub,” where a bank operates in a shared public space on the high street.
A spokesperson for Lloyds Banking Group emphasized the changing banking landscape, with over 21 million customers opting for apps to manage their finances. The group aims to provide enhanced digital services while still offering in-person assistance. Customers can utilize mobile apps, branches of the three banks, Post Offices, or banking hubs for their banking needs and deposit cash at over 30,000 PayPoint locations.