The era of traditional high street bank branches is dead, says British Bankers’ Association chief executive Anthony Browne.
As research by the BBA shows three in four consumers uses mobile or internet banking each month, Browne told the Telegraph that “branch numbers will continue to fall”.
He says those who call for a return to traditional branch banking are “out of kilter with what millions of customers want”, and that the “supposed golden age of banking” is a myth.
Browne says: “The way we bank now is far easier and faster.”
But he stopped short of saying branches will disappear altogether, arguing they will continue to play a role for major transactions such as arranging a mortgage.
The report shows most major banks are seeing a 10 per cent annual fall in branch transactions.
Browne says: “When you can do so much of your basic banking tasks from the palm of your hand or at a cash machine, why bother taking time out of your day?
“When I told a bank chairman recently that I last visited a branch three months ago, he was surprised it was that recent.”