Banking on access: how Wales is protecting cash on its high streets

Local TV

With hundreds of branches gone in the past decade, Wales is turning to shared banking hubs to keep financial services available for rural and older communities.

Transcript

00:00Here in Wales, the decline of high street bank branches has been especially pronounced.

00:06The number of bank and building society branches here dropped from 695 in 2012 to 435 in 2022.

00:17The Welsh Government notes that although cash usage is generally falling,

00:21access must be preserved to maintain inclusivity for those who cannot or choose not to bank online.

00:28Twelve shared banking hubs are already open across Wales, with three more in development,

00:32a direct response to the gap left by traditional branches.

00:36For older people, rural residents and small businesses, the local branch or post office counter remains a lifeline.

00:43Digital alternatives do not fully replace face-to-face advice or safe cash deposit options.

00:50So a cashless future might be on the horizon, but for many here,

00:53the ability to pay, save and manage money in person is far from gone.

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