Rise of online banking and fall of in-store customers to blame for closure of Ely high street HSBC branch
PUBLISHED: 16:49 10 March 2020 | UPDATED: 16:49 10 March 2020
A change in the way people bank is among the reasons why HSBC’s Ely branch will close in four months’ time, the organisation has revealed.
The financial organisation says that 90 per cent of customers, nine in ten, now bank via the telephone, internet or through their smart phone.
Butter Market's branch, near High Street, will close on July 31, along with branches in Saffron Walden, Croydon Wellesley Road, Tiverton and Pembroke.
Stuart Haire, HSBC UK's head of retail banking and wealth management, said: 'Retaining a sustainable branch network is extremely important to us.
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'But, the way our customers bank with us has changed significantly over the last five to ten years, and that change is something we cannot ignore.
'In the financial services industry many more customers are using mobile and internet banking than ever before, also interacting with us on social media over 85,000 times in the last 12 months.
'The upshot is that significantly fewer people are using our branches.
'The decision to close these branches will help to ensure a sustainable branch network for the future and allow us to continue to invest in it.'
HSBC UK customers, both retail and business, are also able to access their bank account and carry out their day-to-day banking in all 11,500 Post Office locations.