Halifax: Online banking has not replaced branches

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Halifax: Online banking has not replaced branches

Wed 15th Aug 2007

The growth of online and telephone banking is not leading to the death of the traditional branch, Halifax has claimed.

Mark Hemmingway, spokesperson for the bank, said that many people at the start of the decade had predicted internet banking would replace branches.

And yet, while online banking grows ever more popular, Halifax is opening another 150 branches, he revealed.

While he admitted that he does most of his personal banking online, Mr Hemmingway believes that the way people choose to manage their finances is down to the individual.

"Yes you have seen growth in the internet, yes you have seen growth in telephony, but you are also seeing people going back to branches wanting to deal face to face," he said.

"One hasn't replaced the other; they have both grown."

Figures released by the British Bankers' Association show that 28,177 people in the UK were registered to bank online in 2006 - compared to 24,307 in 2005.

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