Lloyds Bank, one of the largest banks in the UK, has announced that it will be closing down 60 of its branches across the country. The move comes as the bank continues to shift its focus towards online banking, in response to changing customer preferences and the ongoing COVID-19 pandemic.
The closures will affect branches in both urban and rural areas, with some of the affected locations including London, Manchester, and Birmingham. The bank has stated that it will be working closely with affected customers to ensure that they are able to continue accessing banking services through alternative channels, such as online banking or telephone banking.
The decision to close branches is part of a wider trend in the banking industry, as more and more customers choose to manage their finances online. According to a recent survey by the British Bankers’ Association, the number of people using online banking services has increased by 30% over the past five years, with over 22 million people now using online banking regularly.
Lloyds Bank has been investing heavily in its online banking platform in recent years, in order to meet the changing needs of its customers. The bank’s mobile banking app, which allows customers to check their account balances, transfer money, and pay bills, has been downloaded over 10 million times since its launch in 2013.
Despite the move towards online banking, however, there are concerns that the closure of branches could have a negative impact on some customers, particularly those who are elderly or vulnerable. The bank has stated that it will be working closely with affected customers to ensure that they are able to access banking services through alternative channels, and has also pledged to provide additional support to those who may need it.
Overall, the closure of branches is a sign of the changing times in the banking industry, as more and more customers choose to manage their finances online. While the move may be difficult for some customers, it is ultimately a necessary step for banks like Lloyds to remain competitive in an increasingly digital world.