Branch closures are excluding people from the financial system…
According to Which, an average of 54 branches have closed their doors each month since 2015. Yet 55% of people would still elect to have access to physical banking facilities in their towns.
- The mass shift to digital banking has left behind large segments of society
- 1,500 communities in Britian have no bank branch, another 840 have only one remaining
- 20 million people in the UK are classed as being digitally excluded
- One in seven of the adult population (14%) are considered financially excluded
- Only 45% of people prefer to use digital channels
Many communities across the UK are now left with little or no access to the most basic of banking services.
The average journey time to reach a branch is over 30 minutes.
The UK is now experiencing a mission critical access to banking crisis, that has been progressively deteriorating for several decades.
We’re experiencing financial exclusion like never before.
This includes current and future access to savings, loans, investments etc. and has left behind large segments of society, widening the gap of financial exclusion.
banxlocal.uk Limited commissioned an ESG report which substantiates many of the issues seen as affecting the banking industry. A copy of this report can be downloaded here: