According to Finextra, the number of banks and building societies in the UK has decreased by 40 percent since 1989. The study came from Nottingham University and focused on statistics between 1989 and 2012.
The study indicates that the rise of online and mobile technology is a large reason for the reduction of retail branch networks. From 2003 through 2012, the rate of decline was -1.7 percent, compared to -2.5 percent from 1995-2003.
The report provides details on reduction rates in different regions across the country, and it also reports the waning bank trend is prevalent across other countries in the EU.