Bank branch closures: A growing concern for small towns in the UK

CGTN Europe

Thousands of bank branches have closed – and with them, left a large slice of the population stranded. CGTN's Li Jianhua reports from west Wales.  Read more 👇 https://tinyurl.com/mr96ujtt

Transcript

00:00However, West is an old town in West Wales, dominated by its ancient castle.

00:07Having been a landmark in this small town since the 12th century, it has witnessed yet another change,

00:14the closure of the only Barclays Bank at its foot.

00:18After over six decades on the high street, the bank shut its doors a few months ago,

00:24with a wider shift towards digital banking, and not everyone is happy about it.

00:30It's had quite a significant impact on particularly the older generation,

00:34who don't necessarily do online banking.

00:37Possibly they don't have as much footfall as they would like,

00:42but I also think that they have a social responsibility to the people that they serve,

00:49and it's not always about profits.

00:52Alternatively, a service desk has been set up inside County Hall,

00:56open for three days a week, with no counter or cash services.

01:01People are very disappointed with the fact that Barclays Bank branch in Halford West is closed.

01:08But I have to accept the way forward, and by having their hub at County Hall is a good way forward,

01:18and from my experience, having been recently, again, good customer relationship, and I can't complain.

01:27Nearly 200 bank branches are expected to be closed across the UK between January this year and March 2026.

01:35Banks and building societies have shut over 6,000 branches since January 2015, that is about 50 per month.

01:44The major reason quoted by the banks is customers are shifting away from banking in person to using mobile services.

01:52In response, the UK government has pledged 350 banking hubs by 2029, but some argue that is not enough.

02:01My organisation, the Payment Choice Alliance, believes there need to be at least 1,200 of those bank hubs,

02:07and they need to have 24x7 ATMs which both dispense and accept cash deposits.

02:14So those are the kind of things we need to happen.

02:17As digital banking continues to grow, residents of towns like Halford West are left to adapt.

02:24Lee Jianhua, CGTN, West Wales.

Category

Transcript

Be the first to comment

Recommended