HSBC UK’s new branch approach includes a broader range of local support, beyond the traditional bank branch. It includes community pop-ups, new integrated self-service machines, colleague-assisted digital support for customers, as well as continued use of the Post Office network. It will allow HSBC UK to continue to invest in its digital and mobile servicing and reinvest in its branch network in key locations.
The decision to re-shape the network and invest in a wider package of support and different formats follows an increasing preference for mobile and online banking, which has accelerated since the start of the pandemic. Less than 50% of the bank’s customers now actively use its branch network, with the average footfall declining over 50% since 2017, faster than any point in the last decade.
The transformation programme will result in the following changes:
The changes set out today mean:
Jackie Uhi, Head of HSBC UK’s Branch Network, said: “The way people bank is changing - something the pandemic has accelerated. Our branches continue to support people with their more complex banking needs, but the way we can do this has also evolved, with the addition of banking hubs, community pop ups and continued use of the Post Office network. Rather than a one-size fits all branch approach, it’s an approach built around the way different customers are choosing to bank in different areas.
“We know that the majority of our customers have a preference to do much of their day-to-day banking online or via mobile, so we’re removing locations where we have another branch nearby, and where there is a significant reduction in customers using face-to-face branch servicing. This will enable us to invest in locations where our customers are continuing to utilise the branch network, including updating technology and refurbishing branches.”
HSBC UK is working with LINK and the Cash Action Group on an industry-wide effort to provide banking services in areas where branches are no longer viable. HSBC UK followed regulatory guidelines closely, working with the Action To Cash Access Group to ensure any impact of these closures on access to cash in these areas is considered and affected customers are supported.
No planned closures are the last bank branch in town.
Steve Gracey, HSBC UK Press Office: email@example.com | 020 7991 4118
Hannah Langston, HSBC UK Press Office: firstname.lastname@example.org | 07384 792 248
Note to editors:
About HSBC UK
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 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 Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East and North Africa. With assets of US$2,958 billion at 31 December 2021, HSBC is one of the world’s largest banking and financial services organisations.