LONDON—Fintech and other factors have been so disruptive it has forced banks in the United Kingdom to start closing their branches at a rapid rate, new research suggests.
Almost half of all U.K. banks branches have been shut or have been set for closure since 2015, PA Media reported.
That’s a total of 4,735 branches in the past six years—and of that number, more than 15% (736 branches) have closed in 2021 alone.
Another 221 branches are scheduled for closure next year, PA Media noted.
Much like the U.S. consumers in the U.K. have also increasingly turned to digital apps to conduct business they previously conducted in their branch as a result of lockdowns in the U.K., which have been more strict than in the United States.