Nationwide to keep all branches open
BANKING giant Nationwide will keep all its branches open until at least 2028 because face-to-face service “has never been more relevant than now”.
It is a massive boost to the Express Save Our High Streets crusade, which champions the lifeblood of communities as stores and services shut, leaving many – especially the elderly and vulnerable – high and dry.
The pledge comes after Swindonbased Nationwide agreed a £2.9billion deal to take over Virgin Money.
It is in stark contrast to big names fleeing towns and cities, claiming demand from customers for face-to-face banking no longer exists.
Analysis shows some 6,000 bank and building society branches have closed since 2015, or are due to close by the end of 2025. Around 5,000 high street banks are now left, down from almost 10,000 in 2015.
The drain has sparked fears traditional in-branch banking could be a thing of the past by 2027.
High streets have battled an explosion in online shopping, a rise in the number of out-of-town retail parks and malls, Covid, inflationary pressures, and sky-high rents and rates.
Between March 2020, when the pandemic struck, and March 2022, some 9,300 high street retail outlets shut, chiefly department stores, clothing shops and banks.
Sir John Timpson, 81, chairman and owner of Timpson Group, also backs our campaign.
He said: “One of the great advantages a high street can have over the next 30 years is the ability to provide people with face-to-face services.
“If you go to a lot of really good retailers you can still see people.
“A lot of the reason people will continue to go to high streets is
for the social interaction, as well as the actual purchase of goods and services.”
Figures show nearly everyone under the age of 55, but only just over half of over-65s, owns a smartphone. More than two million over70s do not access the internet.
It means a huge chunk of customers are unable to access or use online banking services.
Older people’s champion Baroness Altmann, 67, said: “Hats off to Nationwide and the Express for its campaigning, which helped with this welcome decision.
“Some may be happy with online banking but so many, especially older people, can’t and never will manage their finances online.”