The local bank branch is officially dead - does anyone care?

Things are looking grim for high street bank branches. There are currently just over than 9,000 branches on high streets around the UK - half the number there were 25 years ago - and a recent McKinsey report estimated that another 2,400 would close over the next few years.

Already towns and villages have seen the number of branches decimated, and there was uproar at the beginning of this year when the big brands refused to commit to keeping at least one branch going in every town. Campaigners argue that these branches will be sorely missed, but a new study seems to show that the vast majority of people wouldn't care a bit.

We don't care
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The study, by GoCompare, found that the days of the Dad's Army-style bank manager are over. The average Brit hasn't been into their bank to discuss their finances for 2.3 years. Those who just operate a current account through their bank haven't spoken to their bank manager for an average of five years - and 17% have never talked to anyone in their bank.

In fact, only 37% of people know where their bank branch is, and just 47% have visited it in the past 12 months, while 56% of people said they had never spoken to their branch manager in their life.

Of those who had visited a branch, more than a third had gone in to talk about savings and investments, and arguably their local bank branch was the last place they should have been. They are likely to get far more information on the breadth of options available by looking online, and if they were after independent advice on the best place to put their money, they should have been to see an independent financial adviser instead.

When asked to name the single most important feature of a bank current account, a local branch wasn't the most popular answer: it was pipped by good online banking - mentioned by 34% of people.

Or do we?

This sort of study is another kick in the teeth for campaigners, who argue that branches are a vital resource for small businesses, those with no access to online banking, people who feel more comfortable talking through their finances in person, and those who view banking in a branch as part of everyday life.

The study also revealed another group who continue to need to discuss things in person - because 29% of people who had visited a branch had done so to discuss a problem with their account. While it's theoretically possible to do this over the phone, there are still plenty of people who would rather go over complex issues face to face.

For all these reasons, almost a fifth of people named a local branch as the most important feature when choosing a current account, ahead of low bank charges (15%), a good reputation for customer services (14%) and a traditional banking brand (6%).

But what do you think? Do you still have a local bank branch, and do you really care? Let us know in the comments.

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