The Lloyds Banking Group confirmed a cut of 9,000 jobs and a closure of 150 branches, according to a BBC report. The bank says the cuts and branch closures are due to customers switching towards mobile banking.
Three years ago, Lloyds had no customers using mobile technology, yet it estimates 5 million did so this year, while 14.4 million customers have chosen to go paperless. The bank expects branch transactions to halve in the next three years.
According to the banking trade body the BBA, digital banking transactions are now worth almost £1bn a day, with almost 40 million mobile and internet banking transactions every week.
As a result, Lloyds will be investing £1bn in digital technology over the next three years.