Making branches work for every generation
Across the UK more than 6,000 bank branches have closed since 2015, damaging our communities and leaving a huge gap in access to convenient and local, face-to-face financial services.
We commissioned research which found the impact of these closures was:
- Limiting choice and forcing consumers online
- Increasing the risk of financial exclusion, especially in those who are vulnerable
- Reducing access to cash and use of cash on our high streets
- Making customers travel further to their nearest branch – at greater cost and inconvenience
Our towns and high streets need branches. Convenient and local access to face-to-face services in a branch gives people much-needed peace of mind when it comes to managing their finances, as well as access to vital financial advice.
We know the importance of providing convenient access to branches. And we think that having access to a local branch is important to people both young and old. Our latest research found out more about what people think about branches.
Face-to-face financial services are ‘essential’
There is a misconception that branches are just for the elderly or those who aren’t great with technology. Maintaining face-to-face financial services, alongside digital options, gives people more freedom and flexibility in how to manage their money.
The top three descriptions when it comes to in-person banking across all generations are:
Trustworthy
33%
Friendly
31%
Reassuring
31%
Over a fifth of Gen Z (31%) and over a third of the Silent Generation (35%) also describe in-person banking as ‘essential’.
“Being within walking distance from the high street, I know trustworthy financial services and advice from a friendly face is never far away. It’s really handy to be able to quickly speak to a human being when I need support with my account or to discuss the best savings rate for my money, rather than being stuck on an automated phoneline or web chat bot when I need help.”
Convenience is key
Baby Boomers want branches to be located in the places they visit
41%
Millennials prefer speaking to someone in person over managing solely online
51%
Gen Z and Millennials want extended opening hours
33%
A branch that is easy to access and conveniently located is very important for all age groups. For Baby Boomers it was one of their top priorities (41%) alongside being able to speak to a friendly, knowledgeable adviser in a branch (52%).
Around half of Millennials (51%) expressed their preference to visit their local branch to speak to someone face-to-face over managing all of their finances online; and over a third of Gen Z (32%) and Millennials (33%) would also appreciate if branches offered extended opening hours.
More services that appeal to all generations
Gen Z want their branch to offer welfare support and advice
56%
Millennials want help with teaching children about managing money
64%
Gen X like the sound of a branch that includes a café
30%
60% of people agreed that branches should do more to appeal to people across all generations, which includes offering additional services. Some of the most in-demand additional services include welfare support and advice, cafés, and postal services.
The results of our survey show that banks and building societies need to think differently about their branches and what people want from them.
Our commitment to branches means we’re investing in and growing our branch network, creating a modern and place for our communities, and finding creative and innovative ways to keep face-to-face financial services local and accessible to all.
Building on the success of our community partnership branch model, we opened our latest one in North Shields. We moved in with YMCA North Tyneside, sharing space with their popular services to help create an innovative new branch experience.
Learn more about our new branch
We're also moving our Newcastle city centre branch. Our brand new Monument Branch will see us move from our current location on Northumberland Street to a new flagship branch in the heart of the city, beside the city's iconic Monument.
Monument Branch will become our largest branch and puts accessible financial services at the heart of our home city. Customers will be able to receive more than just expert financial advice and guidance from one convenient location.
Find out more about our Monument branch
Research conducted by Opinion Matters for Newcastle Building Society among 2,445 nationally-representative UK adults from 22.11.2023 – 27.11.2023. Opinion Matters abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
Generations categorised as: The Silent Generation, aged 78+; Baby Boomers, aged 59-77; Gen X, aged 43-58; Millennials, aged 27-42; Gen Z, aged 16-26.
