The UK high street bank, NatWest, is accelerating its branch closure plan due to a notable shift towards digital banking and reduced use of cash. The bank has already shut down six branches this month in locations such as Gosport, Cleethorpes, Southampton, Sidcup, Southgate, and Woodley. An additional 13 branches are scheduled to be shuttered by the end of October. This move is part of a broader strategy to close 142 sites in 2023, including four Royal Bank of Scotland (NYSE:RBS_old_old) (RBS (LON:NWG)) sites in Scotland. The bank also plans three more closures for 2024.
Critics have voiced concerns over the rapid pace of these closures. Caroline Abrahams, director of Age UK, argues that this trend towards digital banking could disproportionately affect elderly customers and small businesses. The closures are seen as a pursuit of profit at the expense of these groups.
To mitigate the impact of these closures, NatWest is offering alternative banking solutions. These include mobile branches, community pop-up banks, and shared banking hubs with other UK banks. The bank has also made services available at Post Office branches.
Following a recent issue with cash machines that led to customer deposits disappearing, NatWest has directed customers to its website for further information on these alternative banking options. The bank has assured customers that the issue has been resolved.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.