The Ulverston branch is set to close on April 9, 2024.
According to the Lloyds Bank website, a new banking hub will open in the town however further details are yet to be announced.
A Lloyds spokesperson said: “Our customers are increasingly using digital channels to manage their money – we now have over 20 million regular digital users, so it’s important we continue to develop the online services our customers want to use.”
Concerns have been raised about bank closures as a whole which may affect businesses that still deal in cash and could also cause problems for older people.
According to Cashfloat, by the end of 2023, 242 high street bank branches will be closed, despite 39% of older people in Britain unable to handle their finances online. This has left 3.25 million older individuals expressing discomfort in using online banking services.
Financial expert, Sarah Connelly at Cashfloat, said: “It’s not just about convenience; it’s about giving them the freedom to manage their finances on their terms. Plus, it’ll open up a whole new world of possibilities for them. We have a responsibility to make sure that people, particularly the older generation, don’t get left behind in this digital age.”
Cashfloat has offered eight tips on encouraging the older generation to utilise online banking:
- Explain the benefits such as 24/7 access to accounts, the ability to check balances, transfer funds, pay bills and view transaction history.
- Use familiar devices for online banking that they are familiar with, such as a tablet or smartphone. These devices often have touch interfaces, which can be more intuitive for beginners.
- Practice on a bank’s demo account or simulation mode without affecting actual accounts. This can build confidence.
- Start with basic tasks such as checking their account balance or viewing recent transactions. Gradually introduce more advanced features once they become comfortable.
- Utilise banks’ customer support services including phone numbers and online chat options, so they can ask for help.
- Celebrate achievements as positive reinforcement can boost confidence and motivation to continue learning.
- Take breaks and avoid overwhelming them with too much information at once. Take breaks during the learning process, and let them practise and get comfortable at their own pace.
- Repeat and reinforce important steps and concepts to help solidify their understanding.
