As bank branches close, 2023 sees banks forced to address accessibility.
More than 320 UK bank branches are set to have closed by the end of 2022, following a trend of steady closures in the last decade, accelerated since the pandemic. We all know financial services have become increasingly digital in recent years, and the majority of us are happy to bank online more and go into branches less. It also makes sense financially for banks to recoup expensive high street rent and staff costs by closing more branches – but banks cannot forget their responsibility to remain accessible to all.
Go deeper with GlobalData
In a turbulent economic climate, banks are already under pressure to show they are doing more to support their customers through tough times. In 2023, they will be forced to address accessibility and take action to ensure their virtual services are inclusive to all, compensating for further branch closures.
Closing branches potentially puts groups of people at risk of financial exclusion – those living in rural areas, the elderly, those with physical and cognitive impairments, and others. Funds saved from closing bank branches should be reinvested into banks’ online products so they are easy to use and readily available.
Banks that aren’t already doing so will start offering biometric face verification to replace passwords and other clunky online security methods, so that every customer can easily access their accounts and carry out transactions. Thanks to the security that face authentication offers, everything from applying for a credit card to making a large payment can be done remotely rather than requiring an in-person visit.
Face verification is a compelling option from an inclusivity perspective – all that’s needed is a device with a user-facing camera, something nearly all the population has access to, with no costly additional sensors or devices needed.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBiometrics alleviates the stress of remembering complex credentials which, for many, can be a real challenge. This is also why implementing passive authentication is important to ensure maximum accessibility. With passive authentication, the technology does the work while the user just looks at the device. Other solutions require the user to move or read out words, which can result in cognitive overload, frustration and online transactions being abandoned.
As access to funds becomes an even more vital lifeline in the face of a recession, 2023 is the year banks step up to keep access open wherever and whenever their customers need them.
