Banking hubs emerge as bank branches decline in UK towns

In the UK, the decline of traditional bank branches has reached a critical point, prompting a need for innovative solutions to maintain banking accessibility in communities. Derek French, an 84-year-old campaigner, has been at the forefront of advocating for banking hubs that allow banks to share services, which provides a semblance of banking presence in areas that have faced closure of individual branches. The initiative aims to establish 100 banking hubs by the end of the year, with another 70 planned for the future. With a commitment from the Labour Party to have 350 hubs operational by 2029, the project is a response to the collapsing number of branches, which has severely impacted towns that previously relied on them for business and personal banking needs. A notable example is Harpenden, which has lost its only bank since 1887 and is set to become the first town with a Gail's bakery to gain a banking hub. Derek stated that the absence of banks has changed the business landscape significantly for the 32,000 residents, raising questions about whether the banking hub concept can truly fulfill the financial needs and support community welfare. Although hubs provide basic banking services, many residents feel the lack of comprehensive personal advice and access to banking. As the trend continues, Royal Bank of Scotland, Lloyds Bank, and Barclays have all made substantial branch closures, leaving many communities without dedicated banking facilities and sparking further calls for action.