Banks across Europe have been closing branches at an increasing rate as digital channels bed in and the current global health crisis forces consumers and businesses to bank differently.
In the past few months, banks in Europe have announced the closure of more than 1,000 branches, with migration to digital channels a recurring theme in their justification.
The Covid-19 pandemic and the restrictions it has brought to everyday life have proved the case for digital banking and allowed previously reluctant converts to see beyond the traditional branch.
Online, mobile and contactless technologies have shaken up transactional banking in recent years, with millions of payments during the pandemic migrating seamlessly to digital transactions. Whether people choose to make payments online or in-store, with a smartphone or a contactless card, cash use has been plummeting for some time and Covid-19 has accelerated this decline.
And it is not only cash use that