Barclays is launching three new physical locations in England this year. The bank will establish a presence in Poole, Bishop's Stortford, and Beverley, signaling a pivot away from a long-term strategy of aggressive branch closures.
A Return to Bishop's Stortford, Poole, and Beverley
Barclays will open its doors in Bishop's Stortford and Poole later this month, followed by a Beverley location in November. according to a report by This is Money, this move makes Barclays the first major bank in a decade to open new branches, marking a significant shift in how the institution views its physical fotoprint.
Vim Maru, the chief executive of Barclays UK, has spearheaded this effort to return to towns and cities. Maru stated that the bank is returning to the high street and the communities it previously exited, positioning the move as a response to clear customer needs for face-to-face interaction.
The 1,236 closures that defined Barclays' strategy
The decision to reopen is a stark contrast to the bank's recent history. As reported by This is Money, consumer group Which? found that Barclays has cut its branch network more than any other individual bank, with 1,236 branches closed since January 2015.. In 2022 alone, Barclays shuttered 182 locations.
This contraction was part of a broader industry trend where banks and building societies closed 6,871 branches since early 2015, averaging roughly 53 closures per month. Barclays specifically closed about 80% of its branches since 2019, citing a surge in mobile and online banking as the primary driver for the decline in physical footfall.
Six staff members and the end of the traditional counter
The new Barclays branches will not mirror the full-service banks of the past.. Each of the new locations in Poole, Beverley, and Bishop's Stortford will be staffed by approximately six employees. The bank intends for these sites to function as hubs for financial guidance rather than traditional counter-service centers.
This lean staffing model is part of a wider strategy by Barclays to balance digital demand with in-person support. Alongside these new branches, Barclays is continuing the rollout of its premier banking suites, which emphasize specialized service over general transactional banking.
Nationwide's 696-branch pledge through 2030
The pivot by Barclays follows a competitive lead set by Nationwide Building Society. Nationwide's chief executive, Debbie Crosbie, indicated in July that the society would consider opening more branches in underserved areas. Nationwide has gone further by pledging to keep its entire network of 696 branches open until at least 2030.
Nationwide's strategy includes the branches it now operates following its April takeover of Virgin Money. By maintaining a physical presence while competitors retreated, Nationwide claims that customers' preference for in-person banking has provided a competitive advantage, particularly in towns where they are the sole remaining lender.
What data drove the choice of these three towns?
While Barclays claims it analyzed "many points of data and insight" to select Bishop's Stortford, Poole, and Beverley, the specific metrics used to justify these reopenings remain undisclosed. It is unclear whether these locations were chosen based on high customer complaints regarding closures or a sudden spike in local economic activity.
Furthermore, while a Barclays spokesman told This is Money that the bank will continue to consider further opportunities, there are currently no other confirmed locations or timelines. The bank has not specified if this is a permanent shift in strategy or a limited experiment to recapture market share from Nationwide.
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