Jamie Stone

I love the words “banking” and “hub”. I also know from my past experience what a lovely town Monmouth is; I had some much-loved cousins who lived just outside the town, and I knew it well some time ago. Coming on specifically to the closure of banks, face-to-face banking is an essential part of the community, from preventing fraud and helping people who think they have been scammed to conversations about complex financial issues, which we cannot simply pick up from a letter or online. Those are fundamental functions of banks—not privileges that should be reserved for those who live in more urban areas. We know there has been a shift towards digital banking in recent times, but for many in our rural communities, including the elderly, there is not good internet access for a start, and they cannot really use those services, let alone use them to their maximum power. I know of many old people who are totally bamboozled by them. I am not alone in these concerns. Lloyds Banking Group has recently announced the closure of 136 branches across the UK—that stopped even me in my tracks. The closures include several Bank of Scotland branches. I think that banks have a duty of public service to support local people with their financial needs, but that is a function that I fear many banks seem to have forgotten; I know not why. But there have been some reassuring solutions to the issue of banks closing, which takes me back to those welcome words “banking hubs”. Run by the Post Office and Cash Access UK, the shared spaces have done amazing work in providing banking services in collaboration with an array of different banks.