Banks' strategy leads to cahsless societies

Lloyds Banking Group has announced the closure of 48 more bank branches, citing reduced usage as the driving factor. The cuts, which will leave the bank with 1,475 branches, could lead to 178 job cuts.

Banks in the UK and across Europe are closing branches and encouraging customers to use digital channels, including mobile banking.

The Covid-19 pandemic, which saw lockdowns force businesses to close customer-facing operations, has speeded up the migration to digital channels.

“Like many other businesses, we’ve seen people using our branches less frequently in recent years, and this decline is continuing,” said Vim Maru, retail director for Lloyds Banking Group.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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