Are the high street banks disappearing forever?, FREE masterclass and current mandates
In this week's Hanover Talent Insights:
🏦 Are the high street banks disappearing forever? maybe not
📺 FREE masterclass: Get board ready: launching your NED portfolio career
💼 Check out our current mandates
Are the High Street Banks Disappearing Forever? Maybe not
If you live or work near a city or town centre, you probably have to think twice about where your bank’s local branch is. In 2024, the high street bank and building society branch network is dying, with numbers declining from over 10,000 in 2010 to fewer than 5,000 in 2023. But why?
The rise in exclusively online challengers like Revolut and Monzo, as well as the ageing population becoming more comfortable with remote and digital channels, means we don’t need that cash counter any more. We don’t even need an ATM to take out paper money, which is unsurprising given that in the city of London, you’ll struggle to find food retailers prepared to take cash.
Part of the idea for writing this piece was inspired by my visit to a remaining branch near our office to discover they won't even discuss savings. To my surprise, they’re purely there to discuss mortgages - and very little else. Oh, and they have a coffee shop in there, too, which brings in some revenue on a daily basis. Fancy that - the bank would rather sell coffee than talk about anything other than mortgages.
But this isn’t a complaint. I applaud the initiative to make the expensive space they rent work for them in some form - because it’s probably the reason that the other branches in the area have closed. Sometimes, I think the most confusing question you can ask anyone in the city is where is the nearest Barclays, or HSBC, or Lloyds? Try it and watch their faces.
City CV & Hanover present - Get Board Ready: Launching your NED Portfolio Career
Playing an active role in the success of another organisation can be hugely beneficial to your executive career. Whether you’re currently seeking a new challenge, launching or diversifying your portfolio career, or contemplating a staged route to retirement, this could be a great time to explore Non-Executive Director roles. We firmly believe you are never too young to start thinking about being a NED.
Gain a unique and in-depth perspective on:
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- Challenges and benefits of a NED portfolio career
- What a NED role involves – how it looks in reality
- How to position yourself for a NED post. Why me?
- How to create the perfect NED CV
- How to build your NED ‘brand’
- And much more…
Current mandates:
You can view some of our other current mandates here 👇