Property News · September 17, 2016

Why 3,000 bank branches must close


The average branch handles only 71 customers a dayI’m the Money editor of the Guardian, but have not made a single visit to my bank this year. My deputy has called in at his branch about three times. Web Money editor Hilary Osborne says she’s been just twice, each time simply to deposit a cheque, and regarded it as a faff. How long before bank branches go the same way as video chain Blockbuster? You sort of remember visiting, forgot about it after Netflix appeared, and pretty soon they had all disappeared.This week Nationwide director Graeme Hughes drew me a graph of the network a bank needs to connect with the population. You start with a branch in the centre of Glasgow (Nationwide’s busiest location), then you keep adding until you have 600 branches in the biggest towns and cities. At that point you have 85% of the population covered – and further branches bring diminishing returns. Towns with a population much below 10,000, it seems, are not really worth having a branch in. Continue reading…

Source : theguardian.com
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