Bank Closures Pave The Way For New Money Management Methods
According to recent analysis by Reuters, it has emerged that Britain’s largest High Street banks are unreasonably closing their branches in the lowest-income areas, but at the same time, expanding in more affluent locations. Among these banks, include names such as, RBS, Lloyds Banking Group and Barclays.
According to data from the Office for National Statistics, more than 90% of closures were in areas where the median household income is below the British average of £27,600. In contrast, five out of every eight branches which were opened by these banks during the same time frame, took place in locations such as St. Paul’s, Canary Wharf, Chelsea and Marylebone.
The High Street banks have argued that they need to cut costs, and that closing down branches is the best way of doing so. It is also claimed that branches are shut based on customer numbers, instead of client income or demographic.
By looking at these findings, here at Racing FX, we can see that people are strongly becoming less reliant on High Street Banks, reinforcing the fact that technological breakthroughs are paving the way for faster and more convenient outlets for people to manage their money, but with the same levels of security they are used to.
Our new Cash Manager system allows you to make and receive domestic and international payments without any fuss or hidden costs. You can also pay out of your Cash Manager account in over 30 different currencies with no transaction fees. Customers can also access their funds twenty-four hours a day, with the ability to hold foreign currency in a multi-currency account for future use.
The world in which we live is changing quickly, and the sharp shift towards a heavy reliance on technology makes it appear that the High Street bank is likely to be a distant memory, in the near future.
Leave the banks and open a Cash Manager Account Today!