Scotland Is on the Front Line in the Fight Against “cash deserts”

“Communities like the villagers of Castlebay have been rising up in protest all over the UK to oppose the waves of bank branch closures and spread of so-called cash deserts. An average of 460 cash machines vanished every month in 2018, and the country has fewer than 8,000 bank branches now, down from nearly 18,000 in 1989 . Around 1,500 previously banked towns no longer have one. The angst in these villages and towns shows that a swath of people can’t, or don’t want to, leave the analog world behind, even as the number of ways to manage money online is exploding. And they have a point: Research shows that online finance isn’t yet a full replacement for its physical predecessor. Banks like RBS, Lloyds, and Barclays, meanwhile, are under pressure from impatient shareholders to cut costs, as digital rivals brag about their lack of costly physical branch networks.”

Scotland Is on the Front Line in the Fight Against “cash deserts”
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