In the UK, a report published in October by the Office for National Statistics shows that nearly 6,000 local bank branches have shut in the UK since 2010 – a drop of a third. In the US, 1,200 branches were closed in 2017 alone.
Leaving individuals unbanked or underbanked, banks have defended themselves by pointing to improved online and mobile banking.
However, as research is now showing, people need some balance of digital offering and high-touch service that neither banks nor pure fintech players have managed to fully figure out.
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