Coherent Identifier About this item: 20.500.12592/hfncqh

Banking on access Ensuring access to banking in a digital age

20 June 2022


Building on the precedents of the Joint Authorities Cash Strategy Group (JACS)i and the Cash Action Groupii (CAG) the Government should convene a taskforce with the banking industry, relevant UK authorities (such as the FCA, Bank of England, Payment Systems Regulator and local government representatives), and appropriate civil society groups to urgently review the banking requirements of the UK po. [...] What of, for example, the 7% of adults that still do not use online banking? Or the more than one million unbanked in the UK7? Or the households and businesses that rely on cash as a means of exchange? This SMF report explores the state of access to banking in 2022 – the latest trends, their implications and the risks and opportunities faced by different groups. [...] • Chapter Four offers an overview of some of the possible future trends in the evolution of the retail banking sector and outlines (in the context of the changing sector) the complex landscape of measures that have been put in- 11 SOCIAL MARKET FOUNDATION place by the industry, governments and regulators - or are forthcoming - that try and ensure ongoing access to cash and face-to-face retail bank. [...] From the controversy surrounding digital access to essential government services such as Universal Credit, to the diminishing physical presence of the retail sector and the concomitant “decline of the high street” , a lack of digital access – frequently due to poverty or disability – severely inhibits the capabilities of the most vulnerable in society.37 38 Ultimately, this only bolsters our centr. [...] Further, many of the “banking hubs” being rolled out in different parts of the country are partnerships with the Post Office.85 The expanded banking role of the Post Office is the result of an agreement between the main retail banks and the Post Office to provide a number of face-to-face banking services, especially where they might not otherwise be available (see Box 3).