Study: 60% of bank clients value access to a branch

RESEARCH by Newcastle Building Society suggests that four out of every five people value having access to a physical bank or building society branch, despite many having been shut in recent years.

- GRAEME WHITFIELD

The study survey of more than 2,700 people across the UK in June, carried out by Opinion Matters, found that around 60% of people regard their local branch as the go-to location for an open conversation about their money. Some 80% of people said they have reason to visit a physical branch.

The research comes as many sites across the banking industry have been shut amid the shift towards online banking. But Newcastle Building Society has made it a selling point of keeping its branches open and adding more locations, sometimes in premises shared with libraries and charities.

Reasons given for valuing branches include having somewhere to deposit and withdraw money, talking to staff about scams, having conversations about more in-depth financial matters, and developing trust from meeting someone face-to-face.