Predicting death of the bank branch

The majority of people think bank branches will no longer exist within a decade.
By The Newsroom
Published 1st Oct 2010, 21:40 BST

Around 51 per cent of people said they thought branches would have been phased out within 10 years, with 31 per cent saying they already mainly used online banking, according to discount website MyVoucherCodes.co.uk.

Seven out of 10 people said they had only been into a bank branch twice or less during the past six months.

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A further 73 per cent thought they could live without the services offered by a branch, with 53 per cent saying they only went into one if they had a cheque that they needed to pay in.

Around 39 per cent of people who thought branches would cease to exist said they expected the services they offered to be replaced with machines, while 31 per cent thought they would be replaced by the internet and 62 per cent thought advice on mortgages and other products could be given over the phone.

Farhad Farhadi, personal finance expert at MyVoucherCodes.co.uk, said: "I think that as time progresses, people will probably need bank branches less and less.

"For most people, the majority of things they need to do can be done at an ATM or online."