In a significant move that reflects the changing landscape of British banking, NatWest Group has unveiled plans to close 55 of its branches across the United Kingdom throughout 2024.
The decision, driven by a dramatic and sustained drop in in-person visits, signals a continued retreat from the traditional high street as customers overwhelmingly switch to digital banking services.
The Shift to Digital Banking
A NatWest spokesperson emphasised that the way customers choose to bank with them has changed radically. With over 80% of its active current account holders now regularly using mobile or online platforms, and mobile app transactions soaring, the need for a physical presence has diminished.
The bank stated that in-branch transactions have plummeted by nearly two-thirds since 2019, making many locations no longer viable. Each closure decision was made after a careful review of customer usage, alternative banking options, and the overall viability of the branch.
Support for Affected Customers
NatWest has outlined a plan to support customers, particularly the vulnerable and those less comfortable with technology. Measures include:
- Community Bankers: Deploying mobile experts to offer face-to-face support in affected areas, including help with digital skills.
- Post Office Partnership: Reminding customers that everyday banking services can be conducted at any of the UK's 11,500 Post Office branches.
- Proactive Communication: Contacting vulnerable customers well in advance to guide them through the transition and ensure they can continue to manage their money.
Full List of Closing Branches
The closures are widespread, affecting numerous towns and cities. Key locations set to close include:
- London: Bromley, Pinner, Wandsworth, Canary Wharf
- South East: Newbury, Stowmarket, Henley-on-Thames
- Midlands: Ashby-de-la-Zouch, Droitwich Spa, Kenilworth
- North West: Bramhall, Hazel Grove, Wilmslow
- Scotland: Bearsden, Moffat, North Berwick
The first branches will begin closing their doors in June, with the process continuing through the latter half of the year.
This latest round of cuts is part of a broader trend that has seen the UK's banking network shrink considerably. It underscores the immense pressure on traditional banks to adapt to the digital age while managing the impact on local communities that still rely on physical services.
