Santander has revealed its intention to shut down 95 bank branches and adjust operating hours at some locations, leading to the elimination of 750 jobs. The bank plans to convert 18 branches into counter-free banks and reduce hours at an additional 36 branches.
Currently operating 444 branches, Santander will retain 290 full-service branches and introduce five work cafés post the closures and branch modifications. Customers affected by the closures will have access to Santander community bankers, offering account management assistance at local community venues for a specified period.
Moreover, banking hubs are available for customers on the high street to conduct cash transactions and other banking activities. Santander clients can also utilize their nearest Post Office for cash deposits and withdrawals, balance inquiries, and check deposits.
Santander attributed the closures to the increasing use of online banking, reporting a 63% surge in digital transactions since 2019, accompanied by a 61% decrease in branch-based financial transactions during the same period. The bank estimates that 93% of the UK population will still have a Santander branch within a 10-mile radius.
The bank plans to reach out to all potentially vulnerable customers via phone if their branch is closing and has provided a dedicated helpline for inquiries and assistance regarding the closures. A spokesperson for Santander UK emphasized the importance of adapting to evolving customer behavior while maintaining a balance between digital banking and face-to-face financial guidance.
Recent data from Which? revealed that banks and building societies have collectively closed 6,293 branches since January 2015, translating to approximately 53 closures per month. Santander disclosed its investment in expanding work cafés, with two newly opened and plans for an additional site soon to be announced.
Furthermore, Santander has allocated significant funds to a branch investment initiative in the past two years, refurbishing 99 branches with 50 more slated for completion in the upcoming year. The revamped branches now feature digital self-serve rooms for customer privacy and team consultations, along with enhanced online banking access.