Bank branch closures reflect demographic change
by Kay Murchie
Halifax has declared that the increase in popularity of online and telephone banking is not replacing the traditional branch and while online banking increases, the bank is opening another 150 branches.
However, according to the British Bankers’ Association (BBA), the reason why many high street bank branches are closing is due to demographics. A spokesperson for the association highlighted that many branches were built in Victorian times, when people used to work close to where they live.
Nowadays, with people traveling to work, there is no longer the same requirement for the local branch. It reflects demographic shift, claimed the association. People typically bank closer to where they work rather than closer to their home.
The BBA is the principal trade association in the UK banking industry and has 218 members.
Locallife.com recently established that the number of bank and building society branches has dropped by 11% in the last half a decade.
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