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11,746 And Counting: The Decline Of The High Street Bank
Sep 1 2016
Darren Best
![](http://www.savoystewart.co.uk/rbt/wp-content/uploads/2016/09/decline-of-banks-feature.jpg)
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Big Four
All of the big four are closing their branches at an alarming rate. HSBC cites a 40% reduction in customers visiting branches as more are turning to telephone and internet banking. As a result, they have closed more branches than any other. Barclays are the second highest in branch culling, and in 2014 announced their plan to close 400 more, at a rate of about 100 per year. RBS, which is 73% owned by the taxpayer, cut around 1400 jobs between March and May 2016, and Lloyds shut around 20 branches in July 2016 alone.![major-banking-groups-closed-uk](http://www.savoystewart.co.uk/rbt/wp-content/uploads/2016/09/major-banking-groups-closed-uk.jpg)
Affluence
A study by the University of Nottingham found that the least affluent areas of the UK have suffered a combined two thirds of net closures between 1995 and 2012. These are usually areas with higher unemployment rates and above average renting from public sector. These closures leave communities struggling to access banking facilities, meaning they must travel further to visit one.Campaigns
A number of campaigns have been set up by citizens who are angry about losing their local bank. A report by ComRes found that 70% of people surveyed think it’s important to have their local bank branch close by. They argue that even the most tech-savvy people may need occasional face-to-face support from a proper bank.![community-banks-closed-uk](http://www.savoystewart.co.uk/rbt/wp-content/uploads/2016/09/community-banks-closed-uk.jpg)
Alternatives to banks?
- Free to use ATMs and proper information on how to use their features
- Post Office branches close by and more awareness that they can be used for banking
- Alternative bank branches close by
- Ability to get cash from retail outlets
![banks-bba-graphs](http://www.savoystewart.co.uk/rbt/wp-content/uploads/2016/09/banks-bba-graphs.jpg)