UK: Remote banking to shut branches

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Britons are using internet and cellphone banking for transactions worth almost £1 billion (R18bn) a day and branch use is falling sharply, according to the British Bankers Association and accounting firm EY. In response, banks are expected to close more unprofitable branches while they invest in mobile and online services for customers who want to bank while on the move. Internet and mobile banking is now used for transactions worth £6.4bn a week in Britain, up from £5.8bn last year, according to the report. – Reuters


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