The Nottingham Building Society says it will close a third of its branches due, it says, to “changing consumer behaviour”.
A total of 17 branches across East Midlands, including Lincolnshire will close by the end of this year .
In a statement, the Nottingham Building Society explain: “Following a detailed review of our branch network we can see the way members are using our branches has changed. People are visiting us less and less each year, reducing the number of times they visit, and using alternative ways to manage their money – over the telephone and online.
“In some of our locations there are days where we have very few members transacting in our branches. In others, less than 30% of members have transacted in the branch in the last 12 months. We also have decreasing customer numbers and savings balances in some branches. Whilst we know it doesn’t suit everyone there is a continuing trend towards having the ability to transact digitally and we’ve seen this trend continue post the pandemic.
“We have a responsibility to our members to make sure we have an efficient branch network and that we operate in locations where members need and use them the most. We’ve been very thoughtful, and done a significant amount of analysis, to understand the impact branch closures will have. We have looked at the distance to an alternative Nottingham branch, whether there are other financial service providers on the high street or whether we are the last remaining branch. We’ve also considered the impact on colleague morale of working in branches where they have little to no interaction with members. “
