NatWest and Halifax to Close 39 Bank Branches Amid Shift to Digital Banking

NatWest and Halifax are set to permanently close 39 of their bank branches next month, marking another setback for UK high streets. This announcement follows a pattern of hundreds of branch closures that have occurred throughout the year, with many more anticipated in the upcoming months. Specifically, 26 branches of NatWest and 13 branches of Halifax will cease operations in September, with additional closures expected into October. The movement towards online and mobile banking has compelled banks and building societies to adapt, leading to a staggering total of 6,443 branches shut down since early 2015, averaging 53 closures each month, as reported by consumer advocate Which?.

NatWest is among several banks significantly reducing their presence across the UK. A representative from NatWest noted that over 80% of current account holders now utilize digital banking services, and more than 97% of retail accounts have been initiated online. This year alone, 54 branches will close, contributing to a total of 1,409 closures by the NatWest Group since 2015, which includes both Royal Bank of Scotland and Ulster Bank. Meanwhile, Halifax has documented a 48% decrease in in-person transactions at its branches over the last five years, with a spokesperson explaining that most customers have shifted to using their mobile and internet banking platforms instead. Consequently, Halifax has also closed a substantial number of branches as part of its cost-cutting measures.