LONDON—Virgin Money is preparing to close 39 of its U.K. bank branches following a review of how customers have been using its physical stores.
As more and more customers take to online banking services, Virgin Money says it has seen “far less visits” to its brick-and-mortar branches, with most people only visiting to discuss significant life events, Fintech Futures reported.
“The decision to close a store is never taken lightly. But as our customers continue to change the way they want to bank with us, by conducting fewer transactions in-store and adopting the convenience of digital banking, we must respond to that evolving demand,” Sarah Wilkinson, chief operating officer at Virgin Money, said in a statement reported by Fintech Futures. “We have considered the number of vulnerable customers using each store very carefully throughout the review process as a key factor in our decision making, and will proactively provide enhanced, bespoke care to ensure any vulnerable customers affected are supported through the changes.”
The closures amount to one-third of the bank’s total branches across the U.K., and will put some of its employees at the risk of redundancy, Virgin Money said.
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