According to new research by investment companies A shallow natural.

Lightyear found that between 2016 and 2024, about 3,700 bank branches, with an average of eight branches per week, were closed throughout England. However, be sure to worry about these closures to reduce support for individuals and businesses, creating more than 2 million businesses between 2018 and 2023.

These findings suggest that many new businesses are turning to alternative banks or savings channels. In fact, Lightyear suggests that digital-first, flexible corporate financial management options may win high street banks more than physical options.

An analysis of data on bank closures found that England is home to 41 “bank deserts” – at least one local authority for every 10,000 residents since 2016. We tend toward digital expense financial services.

Digital provider only

In Westminster, London, over the past nine years, the entire borough has closed 80 times – 3.5 times per 10,000 residents. The smaller population Westmoreland and Furners closed 2.5 times per 10,000 times, while residents of Derby County residents saw two closures through the same metric.

Similarly, Camden qualifies as a “bank desert”, thanks to 40 banks closing, at 1.9 per 10,000 residents, and has seen 1,267 new businesses over the past eight years.

More new businesses have been built with new businesses that occurred between 2017 and 2023 (2 million) than those that occurred (1.2 million in the same journal).

according to Global RFINearly two-quarters of UK small and medium-sized businesses now use digital banking providers, suggesting that the trend for businesses is shifting more broadly to digital providers rather than the traditionalist channels of the High Street to manage Esir Money. With the potential operating savings market of £500 million, SMEs have a digital priority, flexible financial management options may be competent.

“The new business of nearly 2 million new businesses in England over the past nine years is a powerful reminder that white entrepreneurship is full of vitality.” Rutgers wanderingCEO of Lightyear, UK. “But it also shows that this is what you have created with the massive closure of your street bank branches. The traditional banking system is working to keep pace with speed, flexibility and digital footsteps and by turning to their feet and funds Alternative platforms and productsLike money market funds, they are built for the way modern enterprises need to save money. transparent