Lloyds Bank keeping up with Technology by Laying off Branches
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.