Bank branch closures set to increase

AIB has informed staff that it will close branches and force customers to complete transactions through An Post.

AIB’s decision will see some of its 270 branches closing while a decision on EBS remains unknown.

Internet banking to replace branch banking

The AIB announcement follows a similar one from NIB a week earlier where it publicized its decision to close the majority of its branch network through Ireland.

Banks are increasingly moving towards a ‘minimal contact’ strategy and embracing technology as the primary means of reducing costs and increasing profits.

Banks have also begun to introduce a full range of fees and charges for a wide range of services and this trend is likely to continue for some time until they have optimized these revenue generation channels.

Cost and convenience will become the central pillars in the ongoing bank restructuring drive nationally. Services will cost more and there will be less convenient banking for customers who rely on the traditional branch network.

New technology is being increasingly pushed as the new bank branch and those who prefer more personal contact, a visit to the local post office will simply replace a visit to the branch.

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