More than 5% of bank branches in Cornwall have been culled in the last eight months, a data investigation has revealed. The investigation also shows all the main streets in the city saw banks closed their doors within the period. Generally, the inquiry has shown that the number in the country has reduced to its lowest on record.
Figures obtained from Nomis, the labour market statistics site, shows there were at least 95 banks in Cornwall at the beginning of the year. In 2010, Cornwall had 120 bank branches when modern records started but has dipped to 95 branches – a reduction of 21 percent.
The situation in Cornwall is a national trend. At present, the UK has a total of 9,090 – a significant fall of 39 percent from 4,855 it had in 2010.
In the past year, at least 600 bank branches closed shop in the UK – an indication that at least 12 banks closed down every week.
Analysts believe the closures can be explained by banks cutting costs and embracing online banking.
In 2017 alone, at least 22 million bank customers in the UK used banking apps, the 2018 annual report from UK Finance, the trade association for the UK banking and financial services sector has shown.
According to a UK Finance spokesperson, “Bank branch visits have fallen by a quarter since 2012, with the development of new technology meaning it’s now easier for people to do their banking at a time and place that is convenient to them.”
Closing bank branches according to an Age UK spokesperson is a serious blow for millions of senior citizens who are not confident with internet or mobile banking.