In a significant blow to the British high street, NatWest Group has unveiled plans to shutter 26 more bank branches throughout 2024. The sweeping closures will impact communities across England, Scotland, and Wales, marking a continued retreat from physical banking.
The decision, driven by what the banking group calls a 'dramatic shift' in customer behaviour towards online and mobile banking, will see both NatWest and Royal Bank of Scotland (RBS) locations close their doors for good. This move is part of a longer-term trend that has seen hundreds of branches disappear from town centres in recent years.
The Full List of Closing Branches
The closures are spread across the country, affecting both urban and rural locations. The complete list includes branches from London to the Scottish Highlands, with the first set to close its doors as early as May 2024.
Notable closures include the NatWest branch on Putney High Street in London, a key location in the capital. Several branches in Scotland are also on the list, continuing the consolidation of the Royal Bank of Scotland network following its integration into the NatWest Group.
Why Are Banks Closing Branches?
NatWest's rationale mirrors that of other major high street banks. The group reports a steep decline in the number of customers using branches for their everyday banking needs. With over 80% of its retail customers now actively using digital platforms, the cost of maintaining a physical network is increasingly difficult to justify.
The bank stated: "As with many industries, most of our customers are shifting to mobile and online banking… Closing a branch is a decision we take very seriously. We know it can affect people in the local area, and we’ll always work to help them find alternative ways to bank with us."
What Does This Mean for Customers?
For customers who still rely on in-person services, the closures present a significant challenge. The bank has emphasised its alternative offerings, including:
- Post Office Banking: Customers can perform basic transactions at any Post Office counter.
- Mobile Banking Apps & Online Platforms: The full suite of services is available digitally.
- Telephone Support: Specialist teams are available for assistance over the phone.
- Community Bankers: In some areas, 'pop-up' banking services may be offered.
However, for many, especially the elderly, vulnerable, or small business owners handling large amounts of cash, these alternatives are not a perfect substitute for a local branch.
The announcement has sparked fresh debate about the future of the high street and access to essential financial services, particularly in areas where digital connectivity is poor or where communities are left with no bank at all.
