*UKHotViewsExtra* Technology is both the problem and the solution as TSB cuts highlight retail banking's challenges

It is no coincidence that yesterday’s news that TSB is to close 164 of its UK branches, came in the same week that the OBIE revealed a significant upturn in open banking activity. Just as our shopping habits and the economics of retail have changed, so has customer behaviour in respect of banking as an increasing number of us bank online and utilise digital methods to complete transactions and access services.

The latest branch closures announced by the TSB are in addition to the 82 branches the Spanish-owned bank revealed it would be closing in November 2019. As a result of the programme of cuts, the TSB is set to reduce its UK network from the current number of 475 branches to 290 by the end of 2021. Meanwhile in August this year, the Co-op Bank revealed that it is cutting 350 jobs and closing several high street branches whilst the NatWest announced the loss of 550 branch jobs.

Subscribers can learn more about the underlying factors at play and the impact on technology providers serving the retail banking sector in Technology is both the problem and the solution as TSB cuts highlight retail banking’s challenges.

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Posted by: Jon C Davies at 09:53

Tags: banking   tsb  

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