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Banking industry

Bank Branch Closures Loom Over Wisbech: Implications for Local Community

Strategic Insights

— 2 min read

Next January, the town of Wisbech will lose two of its bank branches when Lloyds and Halifax announce their closures on January 22. This decision comes as a result of a significant decline in the use of physical bank branches. According to figures provided by both banks, there has been a substantial drop in the number of personal and business customer transactions over the counter or through the use of cash deposit machines. Lloyds reports a 57% drop in personal customer transactions and a 55% drop in business customer transactions between April 2019 and April 2024. Halifax also witnessed a similar decline, with a 55% drop in personal customer transactions and a 65% drop in business transactions. These statistics reveal a concerning trend in the decline of physical banking in Wisbech.

Key Takeaways:

  • Lloyds Bank will close its North Brink branch on January 22, citing a 57% drop in personal customer transactions and a 55% drop in business customer transactions between April 2019 and April 2024.
  • Halifax will also close its Market Place premises on the same date, with figures showing a 55% drop in personal customer transactions and a 65% drop in business transactions.
  • The Post Office will be available for everyday banking needs after the branch closures.
  • Most users of the Lloyds branch were personal customers (90%) between the ages of 35 and 74.
  • Halifax's figures also showed that only a third of personal customers (37%) had used the closing branch and the Post Office in the 12 months up to April this year.
  • Regular monthly branch usage was 647 customers for Lloyds and 464 customers for Halifax in four out of six months ending in April.
  • Both banks are encouraging customers to sign up for online banking and to download mobile banking apps.
  • Customers will have access to mobile banking apps, online banking, and staff assistance to help them manage their banking needs.

Statistics:

  • Personal customer transactions at Lloyds dropped by 57% between April 2019 and April 2024.
  • Business customer transactions at Lloyds decreased by 55% in the same period.
  • Cashpoint transactions for personal customers at Lloyds dropped by 59% and for business customers dropped by 65%.
  • Only 36% of personal customers at Lloyds had used the closing branch and the Post Office in the 12 months up to April 2024.
  • Regular monthly branch usage at Lloyds was 647 customers in four out of six months ending in April.
  • Customer transactions at Halifax decreased by almost 60% between April 2019 and April this year.
  • The number of cash machine users at Halifax dropped by 41%.
  • Regular monthly branch usage at Halifax was 464 customers in four out of six months up to April.

Sources:

  • Sarah Cliss, "Bank Branch Closures Loom Over Wisbech: Implications for Local Community," Iliffe Publishing, January 22.

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