RBS to cut 162 branches and 792 jobs

RBS’ branch closure announcement follows hot off the heels of similar news from Halifax and Lloyds.

RBS to cut 162 branches and 792 jobs

With customer behaviour changing, and more transactions moving online, these closures mirror the current evolution of high-street banking. After all, in a TNS survey of more than 2,000 UK adults, more than a third (38 percent) hadn’t visited their local bank for six months or longer. However, banks need to be make sure that the shift to online banking doesn’t leave customers behind: in the same survey, 79 percent of consumers were concerned that customer service would fall as remote banking continues to grow – while 62 percent were only comfortable using banking applications for the most basic tasks, or not at all.

These findings reflect the fact that the banking industry is facing an uphill battle when it comes to customer satisfaction. So how can they come out on top? Put simply, the banks that can reassure and communicate with customers in the right way will have a significant advantage over those that don’t, emerging with happier, more loyal customers.