Longbridge TSB to close as bank announce closure of 70 branches due to further declines in use as more customers bank digitally.
The local branch on the Bristol Road South, next to the Everlast Fitness Club, will closes its doors for the time on the 28th June 2022. The “staff to be offered alternative roles at TSB”, said the financial giant.
If you prefer to do your banking in an actual bank where you can physically queue and have a face to face interaction with a member of staff, well, the nearest branch that displays the TSB logo, is on the High St, Halesowen.
The Redditch branch on Unicorn Hill will also be closing – this is scheduled for 2nd June 2022.
In recent years, the bank has seen a significant decrease in branch use, with the average number of transactions per branch falling since January 2019 and no prospect of branch transactions returning to pre-Covid levels.
Two years ago, TSB set out its intention to reduce its branch network and invest in digital services, as part of its strategy to meet the future needs of customers, but the Covid-19 pandemic has further accelerated the shift away from branch services, with customers shopping and doing more online. Over 90% of customer transactions are now carried out digitally and video banking accounts for over 90% of mortgage appointments.
The branches that will close carry out around a third (32%) fewer transactions than the TSB national average. There is also a Post Office or free to use ATM within a mile of each closing branch.
TSB’s Chief Customer Officer Robin Bulloch said: “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.
“These changes allow us to maintain an extensive branch presence across the country. They are accompanied by a significant investment programme to upgrade branches to better suit customer needs. And, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”
The business have said additional support will be provided to vulnerable customers, including one-to-one advice on their banking needs, such as digital skills training and alternative ways to bank. They will also be contacted personally in advance of a branch closure to make them aware of the changes.