Bank Closures In NI Impacting Vulnerable Consumers

Northern Ireland has lost 27% of its total bank branch network in less than three years, with the permanent closure of 52 branches between May 2020 and January 2023.

According to research from the Consumer Council, bank branch closures have a bigger negative impact on vulnerable consumers, including those who have a disability or who are on low incomes.

Key findings of the research includes:

• Between May 2020 and January 2023, 52 bank branches closed in Northern Ireland, 27% of the total bank branch network.

• 21% of consumers have seen their local bank branch close within the last three years.

• 84% of consumers who had experienced a bank branch closure said it had an impact on their lives, this increases to 90% for consumers on low incomes and 94% for consumers who have a disability.

• Of those in rural areas where their local bank closed, over half of them (53%) said that it had a major impact on them and their local community.

The Consumer Council are calling for more to be done to protect consumers from the impacts of bank branch closures and wants to see the banking industry come together to meet the changing needs of their customers and find inclusive solutions that best meet the needs of all consumers.

Scott Kennerley, our Director of Financial Services said: "The alternatives provided for consumers when a branch closes, such as using the Post Office or online and telephone banking, provide benefits for many consumers, but they do not meet everyone’s needs.

"This research shows that consumers are being impacted by bank branch closures and it is potentially the more vulnerable that are feeling the impact more than others. We know that bank branches are unlikely to return to highstreets, but consumers need the right level of support to make sure that they can still access the banking services they need."