HSBC will close another 62 branches this year that will result in 200 jobs being lost, saying the restructure is due to the rise of mobile and internet banking.
The news comes on the back of a recent report by Which? that singled out HSBC for closing the most high street branches, a quarter of its whole network, in just two years.
HSBC’s announcement also follows yesterday’s the new partnership between UK banks and the Post Office. It will allow 99% percent of personal bank customers to perform their day-to-day banking in Post Office Branches.
The bank cited mobile and internet banking as the main reason for the closures. Francesca McDonagh, head, retail banking said: “The way our customers bank with us is changing. More customers are using mobile and internet banking than ever before, innovation such as Touch and Voice ID has proved extremely popular, and fewer people are using branches.”
She added that these closures will lead to a more “sustainable” branch network and that the bank will continue to invest in digital platforms.
“We will have fewer but better branches, with more empowered front line colleagues using a greater range of technology to support all our customers’ needs,” she said.
However, Unite’s national officer for finance described the closures as a”dark day” for HSBC staff and that the union is “deeply concerned” by the amount of the closures.
“Unite is again calling on the banking industry to rethink such branch culling exercises, which do nothing to reassure customers or staff that banking is accessible and open to all. Without doubt customer service in financial services will suffer if our high streets are left with no local branches. The banking industry must act to prevent confidence in our banking system falling further,” he said.
Cardtronics UK and and independent research company Populus have teamed up to determine whether cash is still used by UK shoppers.
Daniel Smith, Director of Relationship Management, Basset and Gold interview: “Consumer demand for new and innovative forms of finance is soaring”
Basset and Gold has announced the launch of its new Innovative Finance ISA (IFISA).
Anthony Walton, CEO of Iliad Solutions explores the latest developments and challenges with APIs.
Visa has announced it will be launching a new wearable payment device.