The study finds that visiting a local branch is not an option for 18.7 million people, a new study on the impact of branch closures on the economy finds. Daily ExpressSave our High Street Bank campaign.
The Newcastle Building Society survey found that personal banking in a branch is no longer viable for 28 per cent of its 67.8 million residents.
An incredible one-third of those surveyed said a bank or building society had closed in their area in the past 12 months.
Another 38 percent admit to being concerned that their local branch will close this year.
The Daily Express is on a crusade to save Britain’s main banks from extinction after experts warned all branches will be closed within four years.
Between January 2015 and January 2023, no less than 5,391 banks and mortgage banks closed their doors, at a rate of about 54 per month.
Industry executives overwhelmingly believe that face-to-face banking will be completely gone by 2027, analysts have found.
A survey of global bank executives conducted by the Economist Intelligence Unit (EIU) and banking platform Temenos found that 70 percent believe the branch-based model will be dead by 2027.
In another blow, NatWest announced the closure of an additional 23 stores across the country yesterday, in addition to the dozens they’ve already closed so far this month.
The bank said it planned to close 21 branches in England and two in Wales, including Frome, Bootle, Stroud and Blackpool.
This comes days after Lloyds Banking Group said it would close 40 Halifax and Lloyds locations in England and Wales, blaming a 60% drop in visitor numbers over the past five years.
MPs and colleagues have supported our campaign, describing over-the-counter services as an “essential lifeline” and accusing banks of letting down the communities that need them most.
Older people who are reluctant to use internet banking are most affected, but as the Daily Express reveals today, the knock-on effect for surrounding businesses is equally devastating.
Lord Foulkes, the co-chair of the All Party Parliamentary Group on Age and Older People, said “urgent action” is needed to “stop this and get banks back to serving the public rather than maximizing their profits”.
He said: “The government needs to take urgent action to stop this and get banks back to serving the public rather than maximizing their profits.”
To help communities, Newcastle Building Society has launched a pilot project “to restore access to cash in high streets and city centres”, bringing hope to millions of people and small businesses across the UK.
They have teamed up with financial technology company OneBanx to create multi-bank kiosks which they have located in two of their branches in Gosforth, Newcastle and Knaresborough, North Yorkshire. The kiosks use Open Banking technology to enable small businesses and personal customers of any bank in the Open Banking network to withdraw and deposit money from their accounts. and are the first to be established in a financial services industry anywhere in the world.
The staff is ready to help people with the technology and enable individuals and businesses to perform basic banking tasks.
Stuart Miller, the chief customer officer at Newcastle Building Society, said: “Members tell us every day that they care about having access to local financial services, but this survey reveals the magnitude of the impact caused by UK branch closures. With the pressure on the cost of living, I can’t think of a more important time for people to pop into their local branch for a chat about money.
“The use of cash has increased significantly recently as people look for ways to manage their household budgets, so we believe it is more important than ever to provide people with the ability to transact locally and access cash money.”
“We are absolutely committed to our branch network and finding new ways to provide financial services in our region; the OneBanx kiosk pilot supports this by giving people easy access to their bank.”