ING Groep N.V.  (ING Quick QuoteING - Free Report) chief executive officer (CEO) Ruud van Dusschoten, in an interview to De Telegraaf, recently said that it will shut down a number of branches in Netherlands. This move comes amid the larger adoption of digital means and the dwindling footfall in its branches due to the coronavirus pandemic.

The bank will shut down 42 branches out of the total 170, representing a quarter of its branch strength in the country. The banking services provided by these closed branches will be transferred to 42 additional service points. The affected employees, about 150 in number, will be offered other jobs within the group.

The bank had temporarily closed down many of its branches during the partial lockdown in Netherlands which lasted from March through June. Since the branches have reopened, the footfall has not been much, per management.

Per management, the branch closures are in line with the bank’s long term plans of shifting its focus to digital banking. The coronavirus crisis has further accelerated the company’s plan. With the digitization of a number of its processes, customers are getting their banking needs met without visiting the branch in person.

The bank had closed about 40% of its service points in stores of Bruna, Primera and The Read Shop, last year.

Shares of this Zacks Rank #2 (Buy) company have depreciated 37.8% over the past year, while its industry has declined 33%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The coronavirus pandemic is aiding banks’ efforts to bolster their digital capabilities and reduce physical presence. Notable banks like HSBC Holdings (HSBC Quick QuoteHSBC - Free Report) , Bank of America (BAC Quick QuoteBAC - Free Report) and JPMorgan (JPM Quick QuoteJPM - Free Report) are investing heavily in technology upgrades to enhance the digital experience for customers.

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