Experts have urged banks to retain more of their physical branches, as a report has found that digital-only banking could risk marginalising older customers, leaving them more vulnerable to scams.
The report, The New Ageing Index from home care company Home Instead, released on Thursday (14 November), found that 88% of people aged 66 and over believe banks should be forced to retain more physical branches.
In addition, 78% of people from the same age group believed society becoming more digital-focused marginalises older people, who can face barriers to using and accessing technology.
Nearly three-quarters of those surveyed (70%) added that they believe greater digitalisation within society increases loneliness and isolation for older people.
The warning follows government data released in January this year that showed thousands of bank branches have closed their doors across the UK. Just 7,400 bank and building society branches in 2022, falling from 21,643 in 1986.
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Despite these issues, the report also found positive aspects of increased digitalisation for older people, with 66% of those surveyed believing new technology – particularly in areas like home care and health monitoring – could offer greater independence for older people.