Appetite for face-to-face banking is rising once more
Nationwide is poised to become Britain’s largest branch banking network within weeks, marking a striking turnaround against the High Street exodus that has resulted in hundreds of bank closures nationwide.
The building society announced that from June 4 it would run a total of 696 branches – comprising 605 Nationwide locations and 91 Virgin Money outlets – surpassing competitors. This development emerges as traditional banks persist in cutting their High Street footprint, with over 80 branches scheduled to shut in June alone and more than 240 anticipated to vanish by the close of 2026.
Nationwide emphasised it was bucking this trend and has committed to maintaining every single branch until at least 2030. The mutual reported that appetite for face-to-face banking is rising once more, despite the expansion of digital services.
Last year, Nationwide served 6.7million unique branch users – representing a 5.1% increase on the prior year and the highest post-pandemic figure recorded by the organisation. Additionally, 57% of all branch-based product applications across the sector were processed through Nationwide outlets, while in-branch current account sales leapt 21%.
The building society now stands as the sole remaining branch in 155 locations throughout Britain, with footfall soaring in certain communities following rival bank departures.
Cash machine usage in towns where Nationwide became the final banking presence climbed by 25% last year, including a 96% rise amongst non-Nationwide customers. Meanwhile, new current account openings in locations where Nationwide became the sole remaining branch surged by 29% compared to the previous year.
Mandy Beech, Nationwide’s director of retail services, said: “As banks continue to close their doors and step back from the High Street, Nationwide will become the UK’s largest group branch network. This is a major milestone for us and reflects our belief in the value of in-person banking and the reassurance it offers our members and the communities we support.”
Nationwide chief executive Dame Debbie Crosbie stated that branches were becoming “increasingly popular with customers” and claimed “the tide is turning” regarding High Street banking closures.
She continued: “What we are finding is that more and more people really value face-to-face, human contact… particularly for areas like fraud, bereavement and power of attorney.”
The building society revealed it is extending trading hours at certain locations due to rising demand for Saturday banking services.
Nationwide is also expanding community support initiatives through its branches, including dementia clinics delivered in partnership with Dementia UK, digital skills lessons and ‘Safe Spaces’ for those experiencing domestic abuse.
Virgin Money branches are also providing complimentary mobile data via the National Databank scheme to address digital exclusion.
This announcement arrives as Nationwide prepares to distribute another £100 “Fairer Share” payment to approximately 4.4million qualifying members in June. The organisation revealed it anticipates handing back approximately £1.5billion to its members since the programme began in 2023.
