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UK has closed two thirds of bank branches
Banks in the UK have closed down thousands of high street branches over the past three decades, leaving a fifth of households more than three kilometres from their nearest current account provider.
Instead they have ploughed millions into the Post Office to serve people’s basic banking needs. But customers are uncomfortable with the transition, according to research from consumer group Which?
There are just 7,586 bank and building society branches remaining in the UK, compared with 20,583 in 1988. Sparsely populated areas of Scotland have been hit hardest by closures. But the south-west and east of England have also been disproportionately affected by the decline.The reason for these closures is more people are banking online, resulting in fewer branch visits. However, eight in 10 (83%) of those surveyed said branches should stay open for those who are unable or unwilling to use alternatives, while 77% said we need branches in case there are technical problems with digital alternatives.