Digital Britain: The UK areas losing the most cash machines
A new study by fintech experts from Swedish Banking as a Service provider, Intergiro, has revealed which areas of the UK have seen the biggest cash machine decline since 2018, as the country steers towards a future of digital banking.
Using data from Parliament Commons Library, the experts found that London is the region with the biggest decline, with 2,428 ATMs closing down since July 2018.
However, the South East currently has 6.7 ATMs per 10,000 residents, which is the lowest ratio overall.
The North West, including Liverpool and Greater Manchester, is also taking steps towards digital first banking, as the data shows 1,514 cash machines have closed down in the last four years, equating to 20% overall.
Taking Northern Ireland into consideration, the data reveals that traditional ATMs aren’t declining as rapidly here, with a decline of 13% equating to 269 in total. There are 9.6 ATMs per 10,000 people which is the highest ratio when considering this factor.
|
|
|
Jul 2018 to May 2022 |
| |
|
Region |
No. of ATMS May-22 |
Change |
% change |
ATMs per 10,000 residents |
|
UK |
52,258 |
-13,679 |
-21% |
7.8 |
|
London |
7,372 |
-2,428 |
-25% |
8.2 |
|
South East |
6,201 |
-1,873 |
-23% |
6.7 |
|
North East |
6,060 |
-1,514 |
-20% |
8.2 |
|
West Midlands |
4,817 |
-1,195 |
-20% |
8.1 |
|
East |
4,257 |
-1,148 |
-21% |
6.8 |
|
South West |
3,839 |
-1,103 |
-22% |
6.8 |
|
Scotland |
5,106 |
-1,048 |
-17% |
9.3 |
|
East Midlands |
3,549 |
-980 |
-22% |
7.3 |
|
Yorks and Humber |
4,332 |
-934 |
-18% |
7.8 |
|
Wales |
2,550 |
-639 |
-20% |
8.0 |
|
North East |
2,363 |
-548 |
-19% |
8.8 |
|
N. Ireland |
1,812 |
-269 |
-13% |
9.6 |
Cashless constituencies: The areas with the biggest ATM decline in each region
Taking a closer look, the experts from Intergiro also analysed the constituencies from each region of the UK which have lost the most ATMs.
From all London constituencies, the City of London and Westminster lost the most overall (307), with 855 in July 2018 and just 548 in February 2022.
Over in Scotland, Glasgow Central has seen a decline of 92 ATMs, with 258 still standing.
In the North West, Manchester Central is the area with the most axed ATMs (92) in comparison to Liverpool which has lost less than half at 42.
The West Midlands sees Birmingham, Ladywood most adaptive to digital first, while the same applies to Bristol West in the South West.
Sheffield has lost the highest number of ATMs in Yorkshire and the Humber (66), while Cardiff Central is the most cashless constituency in Wales.
You can see more below:
|
Constituency |
Region |
July 2018 |
Jan 2021 |
Feb 2022 |
Reduction |
|
Cities of London & Westminster |
London |
855 |
607 |
548 |
307 |
|
Constituency |
Region |
July 2018 |
Jan 2021 |
Feb 2022 |
Reduction |
|
Cities of London & Westminster |
London |
855 |
607 |
548 |
307 |
|
Glasgow Central |
Scotland |
350 |
271 |
258 |
92 |
|
Manchester Central |
North West |
332 |
257 |
247 |
85 |
|
Bristol West |
South West |
260 |
202 |
185 |
75 |
|
Birmingham, Ladywood |
West Midlands |
348 |
286 |
273 |
75 |
|
Crawley |
South East |
211 |
145 |
145 |
66 |
|
Sheffield Central |
Yorkshire & Humber |
239 |
180 |
173 |
66 |
|
Nottingham South |
East Midlands |
213 |
157 |
151 |
62 |
|
Cardiff Central |
Wales |
204 |
156 |
148 |
56 |
|
Newcastle upon Tyne Central |
North East |
236 |
199 |
183 |
53 |
|
Belfast South |
Northern Ireland |
198 |
162 |
155 |
43 |
|
Watford |
East of England |
145 |
114 |
103 |
42 |
Digital banking is on the rise, and Intergiro CEO Nick Root believes that this is just one part of a larger trend towards companies embedding financial services into their platform and products. He believes that this trend will continue to grow in the coming years, as more and more companies seek to provide their customers with convenient, integrated financial services.
Digital banking is on the rise, and Intergiro CEO Nick Root believes that this is just one part of a larger trend towards companies embedding financial services into their platform and products. He believes that this trend will continue to grow in the coming years, as more businesses seek to provide their customers with convenient, integrated financial services.
Root added, “as we move into 2023, we anticipate that the trend of embedded finance will continue to grow rapidly. More and more companies are offering comprehensive suite of embedded finance APIs, reducing the barriers to entry for new companies wanting to provide innovative financial services to their target market, catering specifically to their customers’ needs.”
