Principality Building Society, a United Kingdom-based credit union that was formed in 1860, has pledged to maintain its branch presence in the towns and cities it operates in until 2025 at least. This comes in response to a widespread public outcry in the UK against bank branch closings. The institution stated that “feedback from members continues to reinforce that having access to cash and services is vitally important to them…”
Their decision was met with widespread positive publicity across the UK. One finance editor noted that “swathes of branch closures in recent times have dramatically reduced people’s ability to withdraw cash and left entire communities without someone to speak to face-to-face about financial matters, so it is encouraging to see a building society commit to protecting these essential services.”
Key Takeaway: Research by the Principality Building Society among its members found more than 70{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} said a branch presence was a key factor when deciding which financial provider to choose. These findings closely mirror many surveys in the US where “convenient branches” consistently ranks as one of the very top reasons when choosing an FI.