(7 May 2024 – United Kingdom) Cash Access UK has established over 50 banking hubs in areas where traditional banks have withdrawn while reaffirming its intent to launch 100 by the end of 2024.
Despite facing criticism for a sluggish rollout pace, the not-for-profit company funded by nine major high street banking providers has renewed its pledge to reach 100 new banking hubs by year end.
Data from the British Bankers’ Association (now part of trade body UK Finance) and the Office for National Statistics reveals a decline in UK bank branches from nearly 15,000 in the late 1980s to below 6,000 in 2023. Operational building society branches also decreased from 6,954 to 1,925 during the same period.
“It would not surprise me if it was down to 1,500 branches by the end of the next parliament,” said John Howells, CEO of Link, an ATM network provider. “That’s an enormous reduction in bank branches . But if alongside that we’re also going to have 1,000 new banking hubs that is a major new national network.”
“Banking hubs serve the more vulnerable members of our society that have a high reliance on cash. Customers love them. If it was a banking brand, they’d be top of the table” commented Barclays Director of Banking Access and Branch Platforms Tim Allen, who sits on the board of Cash Access UK.