AIB to close branches due to pandemic in controversial decision

The covid-19 pandemic and its related lockdowns have had a number of effects on the financial landscape both in Ireland and worldwide. One of the biggest effects has been the shift to contactless payments and online banking. This trend was only increased due to lockdowns, as the bank’s physical locations were closed, leading to more customers accessing their money online or through the bank’s app.

On Tuesday, Allied Irish Banks (AIB) said that it had conducted a “detailed strategic review” to examine the changes in how customers interact with banks. In the review, the bank stated that “Following the unrelenting shift in customer preference for digital banking over the last number of years, AIB is announcing the amalgamation of 15 branches in locations across the country by December this year”. The vast majority of these 15 branches being closed are in urban and suburban locations in Dublin and Cork. Accounts in the closing branches will be moved to neighboring branches, and these closures will leave AIB with 170 remaining physical branches. About 100 AIB employees will be affected by this …

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Branch distribution by banks is dead.

We have seen headlines heralding the ‘death’ of brokers, however perhaps we need to look at the whole financial distribution market and instead of worrying about brokers take an objective view of enterprise, efficiency, and distribution in general. I did some research on this by looking at the American market, talking to other brokers, by looking at operational efficiency planning in other countries and markets, and lastly was by putting up a post on www.thepropertypin.com which is a site where regular folks who are bearish on property (and into economics) hang out.

There are a few sites out there that I like to browse in order to gauge public sentiment, but the ‘Pin’ as its referred to by the folks who frequent it is perhaps the most open and honest, and it tends to have some heavy economic technicians frequenting it. Granted, the tone of the site is not one that perhaps everybody agrees with but the calibre of the posters knowledge is well above the average Internet forum.

Regarding the …

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