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. “Customers like small business owners should be focused on growing their businesses, and digital banking services offer them the flexibility to bank on their own time.” ” The post Concerns Over Financial Inclusion Gap in Rural Areas Amid More BankClosures appeared first on The Fintech Times.
Not only does it take time out of a working week for a staff member to cash up and physically go to a bank, it’s also increasingly difficult to do so given the rise in high street bankingclosures.
Meanwhile, Co-operative Bank closed greater than half of its bank branches during the same timeframe that the HSBC branch closings occurred. Co-operative Bank is a lot smaller than HSBC. HSBC said in the report the bankclosures are due to the fact that the lion’s share of its customers bank on smartphones or via the internet.
Separately, TheIndianExpress.com reported that smaller currency denominations would not be affected — and also that long lines had been queuing up at ATMs to withdraw cash in advance of bankclosures slated for today.
Listen to News & Views Podcast on your favourite platform: Read the articles discussed in this episode: Current Account Switch Services Surpasses 10 Million Switches as UK Becomes More Money-Savvy TechTrust Launches FinTech Talent Hub to Help Close Industry Skill Gap Concerns Over Financial Inclusion Gap in Rural Areas Amid More BankClosures (..)
The bank added that he had been “selected for his experience in overseing high-profiel reviews of a complex nature and for his clear understanding of small and medium enterprises, as well as his track record in ensuring the principles of fairness are followed in a number of joint government, banking and industry initiatives.”.
Digitization and modernization are key, yet for the regional banks and credit unions that are left in the wake of larger institutions shuttering their branches, the process is a challenge. Branch Deserts.
recorded its fourth bank failure this year — the first collapse of financial institutions since 2017, according to data from the Federal Deposit Insurance Corp ( FDIC ). 1 when City National Bank of New Jersey closed its three branches with assets of about $120.6 The most recent failure was on Nov. million and deposits totaling $111.2
When JPMorgan Chase announced plans earlier this year to open 400 new bank branches, some analysts were surprised. Financial institutions (FIs) in the U.S. have been steadily shuttering their physical locations since the financial crisis, favoring digital platforms to serve their customers and cut costs.
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