TSB to shut 70 branches in switch to digital
TSB branches are slowly disappearing
TSB is closing 70 branches in 2022 as it responds to an acceleration in digital banking.
The Edinburgh-based bank said that has seen a significant decrease in branch use, with the average number of transactions per branch falling since January 2019 “and no prospect of branch transactions returning to pre-Covid levels.”
Branches closing include those in Dundee, Ellon, Forfar, Forres, Fort William, Kirkintilloch, Lanark, Stranraer and Thurso.
All staff impacted will have the opportunity to move to an alternative role in TSB.
Two years ago, TSB set out its intention to reduce its branch network and invest in digital services, as part of its strategy to meet the future needs of customers, but the Covid-19 pandemic has further accelerated the shift away from branch services, with customers shopping and doing more online.
More than 90% of customer transactions are now carried out digitally and video banking accounts for over 90% of mortgage appointments.
The branches that will close carry out about a third (32%) fewer transactions than the TSB national average. There is also a Post Office or free to use ATM within a mile of each closing branch.
TSB’s chief customer officer Robin Bulloch said: “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.
“These changes allow us to maintain an extensive branch presence across the country.
“They are accompanied by a significant investment programme to upgrade branches to better suit customer needs. And, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”
TSB remains committed to a UK-wide branch network and following the changes, will have 220 branches, remaining the 7th largest branch network in the UK. Once complete more than 90% of TSB customers will still be able to travel to a TSB branch in less than 20 minutes.