The government has launched a review of banking services amid concerns that the shift towards digital banking and reshaped branch networks are impacting those who rely on face-to-face services. This year alone, 214 bank branches have closed, with an additional 100 expected to close by the end of December.
The Treasury has issued a call for evidence to understand the challenges faced by individuals requiring in-person banking. The review aims to assess the impact of service changes, identify affected groups, and determine necessary steps to protect essential services, with a particular focus on vulnerable consumers and those with specific access needs.
Consumer group Which? reports that 6,872 bank and building society branches have closed since January 2015, accounting for 69% of the nation's physical banking network. A Which? survey last year indicated that 40% of its members had lost access to their local bank branch in the past five years.
The final report from the government's review, which is anticipated to include new recommendations, is scheduled for publication in October.