Jan/Feb 2024

20
South Woodford Village Gazette
Robbed of Banks?
With South Woodford’s Barclays set to close in February, and with
NatWest having left Wanstead in October 2023, our high streets have
suffered another blow, says Delia Ray
News that Barclays on George Lane will
close on 23 February means no high
street banks will remain throughout
Wanstead and Woodford. In a remarkably
short time, bustling branches of banks
once competing on every street corner
have become empty husks – or even been
reinvented as an artisan bakery.
The changes come on the back of a growing
use of digital banking. Barclays state 94%
of its South Woodford customers mostly
bank online. They also say that fewer than 10
customers regularly use the branch for all their
transactions. Other banks cite similar figures.
Given these numbers, the banks claim it’s too
expensive to staff branches. Perhaps it’s no
surprise they are pulling out of smaller sites,
to focus on densely populated areas such
as Barkingside and Walthamstow – at least
for now. Nationally, the number of bank and
building society branches fell by about 34%
between 2012 and 2021, according to the Office
of National Statistics.
Closures force customers into challenging
journeys. They also lead to fewer cash
machines (at least, free ones). Research by
the Financial Conduct Authority (FCA) in
2022 found that older people, people in poor
health or on lower incomes, and those less
able to manage their finances, depend more
on cash. In 2019, the FCA identified bank
closures would affect much the same groups.
People adept with computers, who pay
for everything through their phone, may
meet the loss of local branches with a
shrug. But many who find online banking
difficult welcome the support of bank staff.
Transactions are not always straightforward.
Small businesses which take cash will always
need somewhere to deposit their takings.
What does this mean for Wanstead and
Woodford? Fortunately, South Woodford
recently regained its Post Office, where
banking functions can still be carried out. As
in Wanstead, visiting the Post Office to send a
parcel or run through a passport application
provides a sound reason to visit the high
street – and visit local shops at the same time.
The Nationwide Building Society recently
pledged to keep its current branches open
until 2026, which means they’ll remain for now
in George Lane, South Woodford.
But if local services continue their decline,
one option for us may be a banking hub.
The number of hubs – shared spaces letting
customers of multiple banks perform
everyday banking tasks – is growing across
the UK. Sharing makes them more viable
than a branch of a single bank. Post Office
staff operate counter services, where you can
withdraw and deposit cash and pay bills. Bank
representatives visit at different times. It’s early
days, but with queues forming outside hubs
as far afield as Brixham and Rochford, this
innovation could restore vanished services. It
could even revitalise our high streets.
For more information on banking hubs,
visit swvg.co.uk/bankhub
To advertise, call 020 8819 0595 or visit swvg.co.uk