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How Stakeholders are Affected by Bank Closures

Jim Riley

9th January 2018

One stakeholder group that has been significantly affected by the large number of bank branch closures is the focus of this fascinating short video.

Across the UK almost a thousand bank branches have closed as the traditional banks cut costs in order to remain competitive. 

Small businesses have been adversely affected by the lost of their local banks. Where they can process their cash takings if the bank across the street is now shut? Credit and card payment readers have proved too expensive for many of these small businesses.

For every change in the external environment, there are both opportunities and threats.

One business that has tried to take advantage of the decline in bank branches around the UK is Square, which offers free payment card readers (i.e. no equipment rental) and takes a small commission on all payments made.

These have proved a hit with several traders featured in this BBC Newsnight video which visits the town of Holywell - where all the bank branches have now closed.

Jim Riley

Jim co-founded tutor2u alongside his twin brother Geoff! Jim is a well-known Business writer and presenter as well as being one of the UK's leading educational technology entrepreneurs.

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