By Emilia Kettle, Telegraph & Argus
30th November 2022 – (London) High Street bank HSBC has today announced that it will be closing 114 branches in 2023.
The move comes as the bank shares that more people are choosing online banking over using a physical branch to do their banking.
HSBC found that the number of people visiting has dropped by 65% over the course of five years.
In a statement from the bank, it said: “The decline in branch use has accelerated so much since the Covid-19 pandemic that some of the branches closing are now serving fewer than 250 customers a week.”
They also shared that 97.5% of its banking transactions are now done online.
Jackie Uhi, HSBC UK managing director of UK distribution, said: “People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning.
“The decision to close a branch is never easy or taken lightly, especially if we are the last branch in an area, so we’ve invested heavily in our ‘post closure’ strategy, including providing free tablet devices to selected branch customers who do not already have a device to bank digitally, alongside one-to-one coaching to help them migrate to digital banking.”