Since 1989, 53% of bank branches in the UK have closed. There are now less than 8,000 branches operating in the UK in 2017. Branch closures and reduced services are taking place across the UK but small firms in rural areas are particularly vulnerable to both financial and digital exclusion – a lack of broadband connectivity and digital skills prevent many from accessing alternative banking services online.
Branch closures present challenges that can only be addressed if small businesses are better understood and supported. Small businesses continue to rely on branches for services where face-to-face interaction is not easily replicated by alternative communication channels. There is also a continuing reliance on cash and cheques that remain rooted in the operations of both many small businesses and local economies across the UK.
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Weekly Brief 41 - Friday 11 October 2019
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Visit the Business Banking Insight website
View the Bank Branch Closure Report