North Walsham will lose its last High Street bank as Santander plans to close its branch later this year. A banking hub will replace it to maintain financial services in the rural town.
Santander to Close 95 Branches Across the UK
Santander announced the closure of 95 UK branches, putting 750 jobs at risk. The decision follows a 63% rise in digital banking transactions since 2019, while in-branch transactions have declined by 61%.
A Santander spokesperson stated: “Closing a branch is always a very difficult decision and we spend a great deal of time assessing where and when we do this and how to minimise the impact it may have on our customers.”
North Walsham to Get a Banking Hub
North Norfolk MP Steff Aquarone confirmed that a banking hub will replace the branch before it shuts. He stated: “I am pleased that I have now secured a second banking hub, this time in North Walsham. It is a busy town with bustling businesses, and I know that residents here need regular access to cash and services.”
Banking hubs are shared spaces where bank staff operate on a rotating basis. They provide essential banking services to maintain access to cash and financial assistance.
Banking Hubs in Norfolk
Banking hubs already exist in Watton, Downham Market, Holt, and Harleston. Additional hubs are planned for Thetford and Wymondham. The North Walsham hub will be delivered by Cash Access UK.
Concerns Over Job Losses
The closure has raised concerns for affected employees. Aquarone expressed his concern: “I am alarmed and distraught for the team at Santander in North Walsham who are set to lose their jobs when the bank closes.”
Santander is consulting with employee unions and offering redeployment opportunities within the company.
UK Bank Closures and Digital Shift
The number of UK bank branches fell from 13,345 in 2012 to 7,400 in 2023. After the closures, Santander will retain 349 branches, including full-service and reduced-hours locations.
Santander has reported an 89% increase in mobile banking app usage since 2019, reflecting changing customer behaviour.
Regulatory Measures and Banking Alternatives
The Financial Conduct Authority introduced rules making it harder for banks to close branches without ensuring free cash access.
Santander will introduce Community Bankers to provide face-to-face financial support and participate in Banking Hubs.
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Santander’s Strategy and Financial Position
Santander said it will support customers affected by branch closures. The bank will assist with transitioning to alternative branches, digital banking, telephone services, and Post Office banking options.
A spokesperson stated: “As a business, we must move with customers and balance our investment across all the places where we interact with customers, to deliver the very best for them now and in the future.”
Santander remains a participant in Cash Access UK. It continues to support the expansion of Banking Hubs to provide in-person banking services.
Customer Support and Transition Plans
Santander said it will support customers affected by branch closures. The bank will assist with transitioning to alternative branches, digital banking, telephone services, and Post Office banking options.
A spokesperson stated: “As a business, we must move with customers and balance our investment across all the places where we interact with customers, to deliver the very best for them now and in the future.”
Santander remains a participant in Cash Access UK. It continues to support the expansion of Banking Hubs to provide in-person banking services.
Conclusion
North Walsham will lose its last High Street bank as part of Santander’s restructuring plan. A banking hub will replace the branch to maintain essential services. The shift towards digital banking continues to reshape the banking landscape, with new models emerging to meet customer needs.
