Santander is just one of the many high street banks that have announced a series of branch closures over the coming year to transfer more of their banking services online. The decision comes as the bank has witnessed an “acceleration” in customers visiting branches less and more using online, mobile and telephone banking “for convenience”.
In a statement on each of the branch closure reports, Santander wrote: “Our customers are continuing to change the way that they manage their money.
“Many more of our customers find it convenient to do their day-to-day banking using online, mobile or telephone banking and as a result, customers are visiting our branches much less.”
It continued: “This has been a gradual change for many years but has accelerated recently. Due to these changes, we’ve reviewed the ways we serve our customers, taking into consideration many factors including where a branch is located, how it is used, and the other options available to bank locally.”
The reports then disclose the decision to shut down the respective branches before listing alternatives for local customers per closure, either determining bank ‘merges’ or directing the next nearest branch.
Santander has announced it will be closing seven branches this year, including:
- Unit 45, Bluewater Shopping Centre, Dartford, England, DA9 9SQ – March 30, 2023
- 27 The Arcade, Meadowhall Centre, Sheffield, EnglandS9 1EH – March 30, 2023
- 130 Market Street, Piccadilly, Manchester, M60 1AY – April 13, 2023
- 93-95 St Peters Street, Derby, England, DE1 2AT – March 30, 2023
- 29 Midsummer Place, Milton Keynes, England, MK9 3GB – June 29, 2023
- 201 Grafton Gate East, Milton Keynes, England, MK9 1AN – June 29, 2023
- 115-117 Victoria Street, Victoria, SW1E 5NT – August 25, 2023.
According to Santander’s Bluewater Shopping Centre branch closure report, up to 84 percent of customers were found to transact using mobile, online or telephone banking between January 2022 and June 2022.
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Up to 74 percent of customers at Santander’s Victoria branch were found to use online, mobile or telephone banking, and suggested the next nearest branches be situated in Piccadilly and Tottenham Court Road.
According to data from LINK, the UK’s largest cash machine network, up to 257 banks, from Natwest to HSCB are set to shut down this year.
To see the list of bank branch closures, including HSBC, Natwest, and Lloyds, Nationwide, TSB, Barclays, and Halifax, click here.
