Portsmouth has lost more than half of its banks as people turn to online banking and contactless payments
MORE than half of Portsmouth’s bank branches have closed since 2015, new figures have revealed.
Analysis from consumer champion Which? has shown a sharp decline in the number of bank branches open in areas across much of the UK compared to seven years ago.
According to figures up to the end of April, 17 banks have been shuttered across Portsmouth since the start of 2015, leaving just 14 branches remaining in the city.
Elsewhere, Gosport has lost three banks leaving the town with just seven, Fareham has seen seven closures with just nine left and Havant has lost seven branches, with just five banks now left.
Separate figures from LINK, a cash machine network, show there has also been a decline in the number of free-to-use ATMs across the UK in recent years.
Their data shows that between the start of 2018 and early March this year, the number of ATMs in Portsmouth North dropped from 86 to 44 while in the Portsmouth South constituency, the number of ATMs has dropped from 135 to 96.
The increasing use of online banking and contactless payments have led to concerns some will be left behind, or unable to access key services.
Which? chief executive, Anabel Hoult, said: ‘While the pandemic has accelerated the move to digital payments for many consumers, many are not yet ready to make that switch and require protection from an avalanche of ATM and bank branch closures that have left the UK’s cash system at risk of collapse.’