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Lloyds Bank will no longer allow customers to open accounts in person at its branches, requiring them to use online services instead, reported The Telegraph.
The UK-based bank is asking customers to open joint, premium, and student accounts online rather than in person at its branches,
Internal documents indicate that staff will direct customers to use the bank’s digital platforms for these services, as well as for switching from other banks.
In a statement to Retail Banker International, a Lloyds spokesperson said: “Anyone coming into a branch looking to open an account can do it in the branch, and will get help there and then.”
The move will not impact staff headcount, added the spokesperson.
This shift comes as Lloyds continues to reduce its branch network.
The bank has announced over 100 additional closures, adding to the 1,470 branches it has shut in the past ten years.
By the end of the current closure programme, Lloyds Banking Group will have 610 branches remaining.
The changes also mean that certain services such as opening executor accounts or making bankruptcy and overdraft appeals will no longer be available in branches.
Staff will instead help customers navigate online options if needed.
Vulnerable customers are expected to use phone or online channels first, though staff may exercise discretion in individual cases, the news publication added.
Lloyds Banking Group, which includes Halifax and Bank of Scotland, serves 28 million customers, nearly five million of whom do not use digital services.
The new approach is expected to affect basic accounts designed for those experiencing financial hardship.
Chief executive Charlie Nunn recently said on the bank’s podcast that 97% of Lloyds’s interactions with customers were digital and highlighted recent hiring in technology and data roles.
The transition to digital account openings will begin next month and is expected to finish by May.
Meanwhile, The Times recently reported that Lloyds is reviewing its approach after using staff bank account information during pay negotiations.
“Lloyds moves account openings fully online – report” was originally created and published by Retail Banker International, a GlobalData owned brand.
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