The comprehensive review of HSBC UK branch network in 2023 will see:
Over the past five years, use of the bank’s branch network by regular customers has fallen by 65%. Footfall in the vast majority (74%) of closing branches has reduced by at least 50%. The decline in branch use has accelerated so much since the Covid-19 pandemic that some of the branches closing are now serving fewer than 250 customers a week.
Conversely, the growth in adoption of remote banking shows a digital-first approach is how more and more customers now want their needs met:
Jackie Uhi, HSBC UK’s Managing Director of UK Distribution, said: “People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning. Banking remotely is becoming the norm for the vast majority of us. Not only can we do it anywhere at any time of day or night, many more things can be done at the customers’ convenience and don’t rely on a branch visit.
“Branches will continue to play an important role in day-to-day banking, while providing specialist face-to-face support in moments that matter. In addition to our branch network, customers can access services through the Post Office network, our Community Pop-ups and soon-to-come Banking Hubs, alongside Live Chat, social media and through telephone banking.
“The decision to close a branch is never easy or taken lightly, especially if we are the last branch in an area, so we’ve invested heavily in our ‘post closure’ strategy, including providing free tablet devices to selected branch customers who do not already have a device to bank digitally, alongside one-to-one coaching to help them migrate to digital banking.”
Jackie Uhi added: “Our commitment to supporting the UK’s new banking hubs and other community access to cash initiatives under development remains steadfast and we look forward to significant and quicker progress being made in 2023, now much of the groundwork for setting up Cash Access UK Ltd, has been done.”
To support customers where a branch has closed, since 2021 HSBC UK has:
Jackie Uhi commented: “When a branch is closing it is important that we support customers in that area, whether they are regular or infrequent branch users. One way we have supported selected customers is to help them transition to digital banking by providing them with a free tablet device and training them up. The new tablet now enables them to securely keep control of their finances remotely.”
HSBC UK Media Relations:
Steve Gracey: email@example.com / 020 7991 4118
Notes to editors:
About HSBC UK
HSBC UK serves over 14.85 million customers across the UK, supported by 23,500 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK Bank plc is a wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,992bn at 30 September 2022, HSBC is one of the world’s largest banking and financial services organisations.