NatWest is proceeding with its scheduled branch closures this month, with four locations expected to shut down by the end of this week. This is part of the bank's plan to close 30 branches nationwide this year as it continues transitioning to digital and online services.
The UK has witnessed thousands of bank closures over the past decade, with more anticipated in the coming years. Major high street banks have confirmed that an increasing number of customers prefer online banking over in-person visits. However, concerns have been raised among older Britons and vulnerable individuals about how they will manage their finances if their local branch closes.
Details of the Closures
The NatWest branch at 17 High Street Grays, Edinburgh, ceased operations on Monday, June 15, due to a decline in in-branch customer footfall. A London branch at 216 Bishopgate, Spitalfields, will permanently close today (Wednesday, June 17). Additionally, two branches—one in Waterhouse Street, Halifax, and another in Fulham Broadway, London—will close on Thursday, June 18.
Digital Banking Statistics
NatWest acknowledges that many customers still rely on in-person support, but approximately 95% of its customers use some form of digital banking. This factor has been considered when selecting which branches to close.
Impact on Customers and Investment Plans
According to consumer group Which?, NatWest Group has closed 1,553 branches since January 2015, more than any other banking group. Despite this, the bank has pledged to invest £50 million in its remaining branch network, including relocating some locations where necessary. It will also revamp and modernize existing sites over the next 18 months.
Solange Chamberlain, chief executive of retail banking at NatWest Group, stated: “We are investing to offer customers a seamless mix of ways to bank with us, including over the phone, digitally, or via our free-to-use ATM network — while continuing to support those who prefer face-to-face banking in branches and community banking hubs.”
