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Bank Charges: Bank branches could be obsolete in ten year's time

Banking in branches could become obsolete within ten years as more consumers are using the internet to manage their finances.

According to a new survey by myvoucherscodes.co.uk, 51 per cent of those asked think it is possible that bank branches will not exist in ten year's time.

A further 69 per cent stated they had only visited a branch once or twice in the past six months and 71 per cent claimed they could live without the services a physical branch can offer.

That is because online banking is increasing in popularity with 31 per cent stating it was their predominant method of controlling their money.

However, Brian Capon, assistant director of media at the British Banker's Association, thinks that there will still be a place for bank branches in the future as online banking has reached a plateau.

He said: "We've got to the point where most people who want to bank by internet are probably doing so, but that doesn't mean that people are limited to that.

"I'm sure there will still be bank branches in ten years time. Just what they will look like and the sort of service that they will be offering - I don't know."ADNFCR-2776-ID-800090103-ADNFCR



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