With customer habits continuing to migrate from physical to digital banking, HSBC UK has set out plans for its branch network in 2023
HSBC is among the many banks to close bank branches, shutting 114 of its locations in 2023.
HSBC said the decline of in-branch banking has accelerated so much since the COVID-19 pandemic that some branches which are set to close serve fewer than 250 customers a week.
The bank said use of its branch network by regular customers has fallen by 65 per cent over the past five years.
HSBC said the decline of in-branch banking has accelerated since COVID-19
Jackie Uhi, HSBC UK’s Managing Director of UK Distribution, said last year: “People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning.
“Banking remotely is becoming the norm for the vast majority of us. Not only can we do it anywhere at any time of day or night, many more things can be done at the customers’ convenience and don’t rely on a branch visit.”
HSBC said footfall in the “vast majority” of closing branches has reduced by at least 50 per cent.
While the bank said branches “will continue to play an important role in day-to-day banking, HSBC data shows more than nine in 10 transactions now being completed digitally.
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However, not everyone will want or be able to use online or mobile banking options.
HSBC has told customers that in addition to the branch network, customers can access banking services through the Post Office, its Community Pop-ups as well as “soon-to-come” Banking Hubs.
People can also access the bank via Live Chat, social media and telephone banking, according to HSBC.
Ms Uhi added: “Our commitment to supporting the UK’s new banking hubs and other community access to cash initiatives under development remains steadfast and we look forward to significant and quicker progress being made in 2023, now much of the groundwork for setting up Cash Access UK Ltd, has been done.”