You only have to google ‘bank branch closures’ to see how the banking industry is changing. Branch closures are not a new thing.
Although branch usage is falling, and by all accounts set to fall further, some 6 in 10 have used the branch in the past twelve months and the majority say they don’t expect pre-pandemic usage to change going forward.
The government reports that between 2012 and 2020 the total number of bank and building society branches in the UK fell by 28%. But what is the small business experience and do they expect to use digital channels more in the future?
Savanta has been tracking channel usage amongst businesses for over 10 years now and wanted to understand small business intention around branch usage going forward, after a year of Covid and business change.
We asked small businesses (start-ups and established businesses with up to £2m turnover) which methods they had used and the channels they have used to carry out their business banking over the past year?