Santander will close 20% of its UK branches by the end of the year, which will eliminate around 840 jobs.
The reason: increasing use of online banking. To explain this decision, Santander emphasizes that transactions made at bank branches have decreased by 23% in the last three years, while those made on the Internet have doubled.
“The way customers choose to use banking has changed dramatically in recent years, with more and more consumers using online and mobile services,” said Santander UK director of commercial banking, Susan Allen.
Because it’s important: Santander’s move adds to a series of announcements about the closure of branches of major British banks.
Britain has lost nearly two-thirds of its bank branches and development agencies in the past 30 years, according to an analysis by ‘Which?’ posted in November. The number of branches at that time was 7,586 compared to 20,583 in 1988.
The association warns that this phenomenon is accelerating to the point where it is difficult to access ATMs or day-to-day banking services in some areas of the country.
Digitization is one of the global trends in financial services. In the case of Mexico, The central bank is already implementing plans for users to make payments via QR codes, similar to those used in China.
With information from Reuters and AFP
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