Many branches of different commercial banks are facing closure due to increasing popularity of online banking during the recent years, National broadcasting corporation Yle reported quoting a Finnish language newspaper Savon Sanomat.

Referring to the source at the Financial Supervisory Authority (FIVA), the Savon Sanomat report said that face-to-face customer service at a bank branch might be reduced significantly in near future.

The number of Finnish bank branches will decrease to bellow one thousand, said the report.

A total of 1,627 bank branches were providing customer service in 2007 and during the 2000’s, around a hundred bank branches close down every year, said Timo Peltonen, the Head of Banking, Insurance Products and Services of FIVA said.

He said that the increasing popularity of the use of online banking is the main reason behind the closure of the bank branches.