Lloyds Bank keep­ing up with Tech­nol­ogy by Lay­ing off Branches

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With the ad­vance­ments in tech­nol­ogy, a grow­ing num­ber of cus­tomers world­wide are in­clined to­wards on­line bank­ing sys­tems. On­line bank­ing sys­tem saves time and en­ergy of cus­tomers and makes the bank­ing pro­ce­dures eas­ier with the help of lap­tops and smart­phones. Keep­ing in mind such ad­vance­ments of the 21st cen­tury and other fac­tors, Lloyds Bank an­nounced plans to cut down a huge num­ber of its branches. It in­tends to shrink hun­dreds of branches in the U.K and cre­ate ‘mi­cro branches’ in terms of the man­ual work­force as well as the phys­i­cal area.

The bank has clar­i­fied that this de­ci­sion is a re­sult of ev­i­dent changes in the be­hav­iour of cus­tomers and a ma­jor­ity of transactions be­com­ing on­line. The shrink­ing of the branches will be fol­lowed by lay off in the num­ber of em­ploy­ees as well. Each branch will have only a cou­ple of em­ploy­ees, so few that you could count them on your fin­ger­tips.

To be even more specific, every branch will have mostly just two em­ploy­ees car­ry­ing tablet com­put­ers for as­sist­ing cus­tomers with their queries. Also, to cater to the needs of cus­tomers, these em­ploy­ees will re­main mo­bile. More­over, in cer­tain cases, the bank will def­i­nitely set up coun­ters at large

branches. This is in col­lab­o­ra­tion with its other ven­tures like Bank of Scot­land and Hal­i­fax.

De­spite an­nounc­ing plans of such a ma­jor lay­off in terms of both branches and work­force, the bank is con­fi­dent that it will still have the big­gest net­work of branches among all the high street banks of U.K. Cur­rently, the bank has made an an­nounce­ment that it will be clos­ing 400 out of its 1,950 branches, which will cause a huge loss of 9,000 jobs. For com­plex transactions with busi­nesses, and small and medium en­ter­prise bank­ing, the bank will con­tinue hav­ing big­ger branches hav­ing full range of ac­tiv­i­ties.

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