Demand for bank branches is likely to increase in 56% of locations across England and Wales, according to a new report co-authored by a North East Deloitte partner.
Bricks and Clicks: Mapping the future of branches analysed 10,400 branches for nearly 100 retail banks and building societies. It sought to understand how factors such as population, demographics and the local economy, both current and forecasted, will affect people’s banking needs.
The findings reinforce recent Deloitte research that found 72% of people still usually go to the high street or shopping centres to access banking and financial services.
In the 44% of locations, telephone and internet banking could take priority over branches.
Steve Williams, financial services partner for Deloitte in the North East and co-author of the report, said: “Bank branches are not dead. In fact, they are poised for a renaissance.”