Lloyds Bank to close two of its branches

Wednesday 15 February 2023 13:26 CET | News

Lloyds Bank has confirmed that two of its branches in Sussex (Beach Road in Littlehampton and The Street in Rustington) will close in May and June of 2023.

According to the company, 77% of individuals in Rustington and 83% of those in Littlehampton conduct their banking through other channels, such as mobile or online banking. Thus, over the past few years, fewer people have visited these two branches.

Lloyds Bank confirms that two of its branches in Sussex (Beach Road in Littlehampton and The Street in Rustington) will close in May and June.

Customers can still conduct in-person banking at the Bognor and South Street Worthing offices as well as nearby Post Offices after the branches close later in 2023.

In addition to the 19 closures announced around the end of 2022, the company announced 40 additional closures on January 20. 18 Halifax locations and 22 Lloyds Bank locations are among the most recent closures. The two locations are among several around the country that will be shutting their doors in the upcoming months.

According to Lloyds Banking Group, more and more consumers are choosing to conduct their banking online. As a result, clients are getting calls about other services that may be accessible to them locally.

According to the business statement, there won't be any employment losses as a result of the closures.

Branch closure

Banks would need to offer a more thorough analysis to support closing a branch, according to a proposal from the Financial Conduct Authority (FCA). Local communities in the UK will be able to access cash thanks to the FCA's authority, and banks who refuse to comply risk fines. This will guarantee that banks will continue to prioritise access to physical services.

Additionally, a pilot agreement has been established enabling banks to collaborate on services in order to promote the community and the development of cash. Every time a branch closes, large banks across the UK will evaluate the local needs. The evaluation might suggest opening a joint branch, setting up an ATM, or modernising the post office. According to the agreement, banks are obligated to provide whatever is suggested to support clients who prefer to do their banking business in person.

High-street bank branches will inevitably close as banks speed up their digital transformation initiatives. Banks must therefore make sure they keep innovating while making sure no clients are left behind.

The other UK banks closing their branches

Not only Lloyds Bank but other financial institutions have decided to close several of their branches. This same month, Barclays announced that 'Barclays Local' is now providing in-person banking assistance in public areas and brand-new banking pods all around the UK.

In response to consumers' declining use of physical branch locations and rising use of digital banking channels, Barclays continuously modifies its physical footprint. Barclays will provide in-person banking services across a number of solutions in a flexible format, including branches, under a new sustainable model that is responsive to user expectations and usage.

Due to a shift in client preference toward mobile and internet banking, NatWest has already announced plans to eliminate 23 branches in England and Wales. However, NatWest noted that not everyone will benefit from online banking and reaffirmed its commitment to assisting clients who have difficulties switching to online banking by offering support and alternative banking options.

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Keywords: banks, online bank, regulation, ATM, digitalisation
Categories: Banking & Fintech
Companies: Lloyds Bank
Countries: United Kingdom
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Banking & Fintech

Lloyds Bank

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