[ojno]

I think what CryptoPunk refers to is that (allegedly) Metro is the only "high street", i.e. with many physical branches, bank created in the UK in the last 100+ years.

Given we're in a thread talking about ICOs and tech startups, I would side with you and say this is an irrelevant classification and the claim is wrong. :-P

Still interesting though, but given the veritable plethora of recently founded remote-only banks of various innovativenesses, I wouldn't say excessive regulation is to blame, if we think this is a Bad Thing.

[richardknop]

Well, having physical branches it really not that important these days. If they give you a way to do usual tasks (change address etc) online or via phone there can be massive savings and increases in efficiency by getting rid of all physical branches.

All that real estate that is now occupied by bank branches can be give to some other businesses that actually need physical space (fashion/clothes, sports, restaurant, gyms etc) to use it more efficiently.

The only reason I had to go to a physical branch this year was to change my address and that is only because my old bank where my main account is doesn't have a way to do this online (seriously I don't understand why is it so difficult to make this a feature of online banking...).

I am using Monzo as my secondary bank and once they give me current account later this year, if it works smoothly and there are no issues I might get rid of my old bank account.