A survey by Nationwide has shed light on the frustrations surrounding the closure of local bank branches, particularly among younger demographics.
According to the findings, 50% of individuals aged 16 to 24 expressed frustration upon discovering their local branch had closed when they needed it.
The research, which polled 2,000 people, underscored a widespread concern about the rapid rate of branch closures across the UK. Nearly three-quarters (73%) of respondents expressed unease about this trend, with nearly half (48%) reporting frustration at finding branches closed when required.
Interestingly, the study revealed that despite the increasing prevalence of digital banking, 70% of consumers still value the presence of physical branches. Among the reasons cited for this preference, 41% emphasized the importance of branches for vulnerable individuals. Moreover, the research highlighted that branches serve various purposes beyond basic transactions, including cash withdrawals (44%), balance inquiries (28%), and assistance with large money transfers (19%) and fraud prevention (38%).
Nationwide, which boasts the largest branded branch network in the UK following widespread bank branch closures, conducted the research to emphasize the enduring significance of physical branches. The building society recently extended its Branch Promise, ensuring the retention of branches until at least the beginning of 2028.
Reflecting on the findings, Stephen Noakes, Director of Retail at Nationwide, reiterated the importance of branches to customers of all ages. He stated, “What’s clear from our research is that people of all ages are frustrated and concerned about the rate of branch closures. Our own customers tell us how much they rely on them.”
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