AgenciesFor most people in the UK, remote banking has become a norm. The footfall at bank branches has further nosedived due to the recent pandemic, said Jackie Uhi, Hongkong and Shanghai Banking Corporation Limited (HSBC)'s managing director of UK distribution, Jackie Uhi. While it is always difficult to close a branch, financial conditions of the bank demand cost pruning to stay alive, she added.
According to Tobias Gruber, CEO of loan broker My Community Finance, banks should improve internet and telephone banking with the money they save by eliminating branches. However, he added that customer experience with phone banking still needs to improve.
Lack of access to cash may affect the elderly.
Drastic reduction in the number of physical bank branches may affect some communities, particularly the aged, who may not be tech savvy to manage digital banking. In addition, people with little or no internet access, too, may be inconvenienced. So would be small businesses that depend primarily on cash.According to Tobias Gruber, CEO of loan broker My Community Finance, banks should improve internet and telephone banking with the money they save by eliminating branches. However, he added that customer experience with phone banking still needs to improve.
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