By Daniel Hunter
People are now in touch with their bank more frequently than ever before, according to new research by CACI for the BBA.
In 2015 UK customers interacted with their banks about their current account 2.1 billion times — an average of 3.5 times per month each. This is an increase of nearly 50% compared to 2010. CACI predict that in 2020 customers will interact with their banks 3.2 billion times — more than five times a month on average. This is largely being driven by a large increase in the uptake of digital banking.
Some people however, are not comfortable banking digitally. All the major high street banks have now done deals with the Post Office which allow their customers to carry out basic banking services in Post Office branches. This means that there is now a network of over 20,000 places where customers can bank. This is the largest effective bank branch network the UK has ever had. It has halved the distance people need to travel to get to a place where they can carry out basic banking face to face.
According to CACI’s research, on average people live 2.1 minutes’ drive away from a place where they can bank face to face. The research also revealed that 99.9% of people in Britain live within 20 minutes’ drive of a bank branch or post office and when the 68,000 ATMs in the UK are included, the average banking service is 1.4 minutes away — closer than the average local pub (1.6 minutes) and primary school (1.7 minutes)
Anthony Browne, BBA Chief Executive, said:
“It is now easier than ever for people to do their banking. You can check your balance, pay back a friend digitally or speak to your bank for advice 24/7. That means we are all in touch with our banks now more than ever before.
“But technology is not for everyone which is why all the major banks have done deals to allow you to do basic banking through Post Office branches. That means there are now more places where you can bank than ever before.
“This is important to make sure that no-one gets left behind, which is why banks are also investing in new ATMs and mobile bank branches to reach more rural communities.”