Since the beginning of the year, all of the big players saw some branch closures apart from one: HSBC. Are HSBC bank branches over the worst?
In 2017, one in eight UK branches closed: 1,169 branches in total. So far, 2018 has seen that closure rate take a massive drop; only 336 shuttered so far.
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Barclays dropped from 1,208 at the beginning of the year to 1,155; about a 4.5% decline.
Lloyds dropped from 967 to 926, but news surrounding Lloyds Banking Group has been about nothing but branch closures. Also, huge numbers of staff are set to be affected.
The only two banks to see their branch numbers increase since the start of the year are Handelsbanken, which has been steadily increasing its branch presence over the last 10 years, and Metro Bank, with its entire branch-focused strategy.
HSBC has remained the same with 625 branches, which suggests that the closures might be coming to an end. However, it does not tell the whole tale.
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By GlobalDataWhat has HSBC been up to?
As the first bank in the UK to release an open banking app, HSBC is clearly trying to be a digital trailblazer in the market. It also saw net gains in account switching in the first half of the year.
In addition, its retail earning increased 7% in the same timeframe.
Outside of the UK, in the US, HSBC bank branches have enlisted the aid of robots to transform the experience for customers.
On the other hand, since 2015, HSBC is one of the banks to close the most branches, according to Which?. The international lender closed 440 branches, second only to NatWest with 638. HSBC has a long history of axing branches.
So are HSBC bank branches going to avoid the fate of so many? With the advancement of banking technology and consumer needs shifting to digital, it appear unlikely. However, they are currently hanging in there.
