Auriga - The banking e-volution [English]’s Post

A bank in the UK is set to close 57 branches in the UK in 2024 and 2025 🏦 With the rising number of closures on high street, many are worried about where to deposit and withdraw money. As an alternative, customers are being pointed to the Post Office and banking hubs. Currently, there are 31 banking hubs across the UK, with plans for more to open throughout the course of 2024 📈 Read more MoneyWeek 👉 https://bit.ly/428hr6a #Banking #RetailBanks #BankingHubs

2023 saw branch closures accelerate rapidly. 2024 is seeing not only individual towns losing access to face-to-face banking services but whole regions. 🌐 This The Guardian article explains how the Peak District has lost its final bank branch and how this will hurt the local tourist economy. 🏦 Read here 👉 https://bit.ly/3RFxNhT #Banking #Accesstocash

Changing Banking Landscape Interesting piece by the Daily Mail yesterday that has a real time graphic which highlight the surge in brand closures that leave communities without banking services. This is happening despite considerable concerns raised about access to cash for the elderly and more vulnerable customers who may struggle with digital banking, and now face longer distances to do basic banking. Read more below #cashneverrunsout #currency #banking #accesstocash https://lnkd.in/eptDwxCs

🏦 The Changing Landscape of Banking: Why Community Banking Matters 🏦 In recent years, we've witnessed a significant shift in the banking industry, with many big banks closing branches. While this trend may reflect evolving customer preferences and the rise of digital banking, it also underscores the importance of community banking. Community banks play a vital role in supporting local economies and businesses. They are deeply rooted in the communities they serve, understanding the unique needs and challenges of their customers. This local focus allows them to provide personalized services and tailored financial solutions that may be overlooked by larger institutions. Moreover, community banks foster a sense of trust and loyalty among customers, building long-lasting relationships that go beyond mere transactions. They reinvest in the community, supporting small businesses, homeowners, and local initiatives that contribute to economic growth and prosperity. As we navigate this changing landscape, let's not overlook the invaluable role that community banks play in our communities. They are more than just financial institutions; they are pillars of strength and stability that help drive local economies forward. #CommunityBanking #LocalEconomy #BankingIndustry #FinancialServices #SupportLocal

The UK is facing high levels of bank branch closures as 337 branches have already shut their doors in 2024 alone 🏦 Customers are increasingly turning to online banking to manage their finances. However, these closures can have a negative impact for elderly and vulnerable residents who live in rural areas, and those who do not have access to the internet. What can be done to help bank customers who prefer more traditional banking methods amid these closures? Read more The Sun 👉 https://bit.ly/3TZcoT4 #Banking #BankBranchClosures

40% of easy-access accounts do not offer branch access, a recent survey from Money Facts Compare has revealed 🏦 This, coupled with the growing number of bank closures on the high street, lends itself to a wider debate surrounding the challenge to individuals who prefer handling their banking activities in person. How will these closures impact residents? Read more This Is Money 👉 https://bit.ly/3OkaCsn #AccessToCash #BankBranches #Banking

Cash is Vital Worrying research by Which? that shows the real problems that bank branch closures are having in our communities. Since 2015 over 6,000 branches (or nearly half the network) have closed. This is going to impact vulnerable members who rely on cash for important daily transactions. While consumers are making the switch to online banking, it would be very wrong to assume that this means physical branches are no longer required or wanted by the millions of consumers who use cash every day and rely on it to manage increasingly tight household budgets during the cost-of-living crisis. #currency #cashisvital #banking https://lnkd.in/eb3unseK

Lloyds Banking Group is closing its mobile van banking service this year, after announcing 1,600 branch job cuts in a move toward online banking. The banking group runs the facility as an alternative to High Street branches, with vans visiting towns and cities across the UK. It said the service, which it runs for its Lloyds Bank and Bank of Scotland customers, would end in May. Lloyds blamed the move on dwindling numbers using the service. Customers can use the facility on set days and times, to cash cheques, withdraw cash, pay bills, send money abroad, or for general account inquiries. The mobile vans stop at multiple locations, but the bank stressed that all mobile branch stops already have alternative options for accessing cash nearby, such as a Post Office, or a free to use ATM. The banking giant, which owns Halifax and Bank of Scotland, said it would be introducing 32 more "Community Bankers" in local communities where a mobile branch currently stops to provide face-to-face banking support. The past few years have seen most of the major High Street banks close branches as more customers do their banking online. An average of 54 UK branches have shut each month since January 2015. Read more ➡️ https://buff.ly/49euNQM The Scottish Chambers of Commerce Network is here to support your business - reach out to share your views, concerns and opportunities. #SCCnews #businesssupport #businessnetwork #businessvoice #businessleader Sign up for the Scottish Chambers of Commerce enewsletter at https://buff.ly/3CpsQnu

In light of increasing branch closures from major banks and the disappearance of ATMs nationwide, the Financial Conduct Authority (FCA) has stepped in to ensure local communities aren't left behind 🙋♀️ Banks and building societies are now required by the FCA to assess and address any cash access gaps, particularly for vulnerable consumers and small businesses. The FCA has reported that its regulations are already having an impact, with 15 communities now set to receive a banking hub after previously being overlooked. Additionally, six communities will gain access to an ATM, and another six will benefit from an automated deposit service or enhanced Post Office facilities 📩 Read more MoneyWeek 👉 https://buff.ly/3UkUXw5 #BankClosures #FCA #Banking #AccessToCash

Should we care that banks are closing branches in favour of digital services? Is it pointless to try and protect the provision on the high street? Maybe we should have a follow up Nationwide Building Society advert with Dominic and pals? If there are no branches how easy would it be to setup your first bank account? I think #banks will close all but a few flagship #branches so they can cut costs and then spend thousands of pounds attracting customers with transfer offers. https://lnkd.in/epUEQEMD #finance #banking