Figures from the Office for National Statistics show that there were just 6,870 bank, building society and credit union branches still open in Britain last year – 34 pc lower than the 10,410 branches in 2019, Press Reader reports.
The UK now has among the highest rates of bank closures in Europe. Only Spain and the Netherlands reported a higher proportion, at 37pc and 48pc respectively, according to figures from management consultancy Kearney.
The fast rate of branch closures leaves many high streets across the UK without a bank. There is just one bank branch for every 10,000 people in the UK, compared with 4.9 branches per 10,000 people in France.
Banks’ shrinking presence on the high street comes as lenders across the country seek to cut costs and focus on their digital offering. The UK’s largest retail banks are also facing increasing competition from challenger banks such as Monzo and Starling Bank, which have lower costs because they have no branches and fewer staff.
Some of Britain’s largest banks are continuing to shut down branches this year. Barclays is set to close 99 branches, Santander is shutting down 95 and NatWest is abandoning 108.
To replace branches, some banks have started to use shared banking hubs. The Government has ambitious targets to open banking hubs across the country, although some have been forced to open in libraries and cafés because of the lack of cheap rental rates on the high street.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
