Banks need to rethink branch closures as Whitby is set to become another banking desert

But the fact that this seaside town is set to end up, like many others, without a high street bank after Halifax announced it would close its branch in January 2025 is particularly disappointing.

It would turn this picturesque corner of the country into another banking desert. And given the age profile of the town, it would make accessing financial help more difficult for local residents.

While residents will have access to banking facilities through the Post Office, there is still a need for dedicated help and support.

Technology is enabling banks to make efficiency savings, however, not everyone can access online banking and even those who can sometimes require face to face support to solve problems that otherwise would require countless hours of form filling or waiting on the phone.

The elderly in particular will be vulnerable if high street banking disappears altogether.

Banks are run for profit and they will do what’s best for them. But at some point the whole industry needs to ask itself if this is the right course of action.

Banks have a duty of care towards customers to ensure that they are available. Especially for milestone moments such as when a customer opens their first account or a bereaved relative closes that of a lost loved one.

Besides, there has already been a move towards so-called banking hubs, which are better than nothing, but this is surely an admission that there is still demand for face-to-face banking?

Not only is it the practicality of getting support but high street banks also give people a reason to get out of the house. This is good for their own wellbeing as well as being good for the local economy.