According to data published by UK consumer group Which?, more than 1,000 bank branches were closed over the last two years in the UK, mainly because of the shift towards online and mobile banking services. In addition, HSBC recently announced the closure of 62 branches nationwide, representing a 30% reduction of its network since 2014. As a consequence, many villages and local communities are currently lacking physical bank branches, leaving behind customers not acquainted to digital services.
To address this issue, UK banks just clinched a tremendous agreement with the Post Office to carry out day-to-day banking tasks through the national Post network. Current existing arrangements between the Post Office and individual banks will be grouped together into a single set of Money in physical form such as banknotes and coins. and cheque services available to all customers. The deal is seen as the most significant expansion in face-to-face banking in decades as 99% of UK personal bank customers and 75% of business clients will be affected. Moreover, the Post Office’s network covers around 11,600 branches across the country.
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