Royal Bank of Scotland (RBS) and NatWest have outlined more than $1.7bn investment plans to upgrade their retail banking infrastructure, incorporating new technologies to trim down operational costs and attract more customers.

Under the plans, the lenders will invest nearly £1bn on improving online and mobile banking services, upgrade branches with new technology including iPads, and install more ATMs at railway stations.

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Specifically, the bank will upgrade 400 branches; and install nearly 100 new ATMs as well as 600 more cash and deposit machines, across the country.

While physical branch banking is gradually decreasing, banking transactions through online and mobile phone channels has reportedly surged. RBS, which currently has about 1,900 branches, said in April that it would close 44 branches.

RBS personal and business banking chief executive Les Matheson said that more than 400 branches across the UK would be fitted with new technology including iPads, to enable users to avail access online banking services. Additionally, users will also have access to free Wi-Fi to use their own digital devices in branch.

"Our customers’ needs are rapidly changing, they want to bank day-to-day in the most convenient ways available," Matheson added.

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"We must respond to their needs and continue to improve on the service we offer both online and on mobile," Matheson concluded.

During a recent RBS annual meeting, chairman Philip Hampton said that branch transactions had decreased by 30% over the past three years while online and mobile transactions had risen by 230%.