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ATMs vanishing: strath's place on the countdown


By Tom Ramage

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A table has been published showing how Scotland's towns and villages are placed in the great vanishing act of banking 'holes-in-the-wall' as the digital world swallows them up.

Badenoch and Strathspey is rated 50th in line to go 'cashless':

Inverness, Nairn, Badenoch and Strathspey , with a population of 77,060, currently has 13.5 ATMs in operation, a loss of 15 (12.6%) since July 2018.

Disappearing act: one of the strath's ATMs still in operation. This one is at Aviemore's Bank of Scotland branch. Picture: David Macleod
Disappearing act: one of the strath's ATMs still in operation. This one is at Aviemore's Bank of Scotland branch. Picture: David Macleod

Aberdeen South is set to go cashless quickest, having seen the biggest shift to cashless transactions, with a 36% reduction in ATMs between 2018 and 2022.

West Dunbartonshire has seen the smallest shift across Scotland, with a 4.1% reduction of ATMs between 2018 and 2022.

Falkirk has the easiest access to cash, with 38 ATMs per 10,000 residents – higher than anywhere else in the UK.

Na h-Eileanan an Iar is most limited when accessing cash, with just 2 ATMs per 10,000 residents.

Online trading platform CMC Markets has looked at House of Commons data relating to the number of ATM closures across the UK. They then compared this with population figures to find the number of ATMs per 10,000 people across different parliamentary constituencies in Scotland and the rest of the UK.

Michael Hewson, chief market analyst at CMC Markets commented: “During the COVID-19 pandemic, consumers were reminded that using digital payment options over cash would allow them to pay for goods and services in a safer manner. Many found this to be more convenient than withdrawing cash, and it appears to have only accelerated the already existing shift towards digital banking.

“By analysing the rate at which ATMs have closed over the past four years, we were able to see which areas are likely to go cashless first, as well as the areas with the easiest access to cash machines.”

“With older generations being more reliant on cash machines, increasing closures of ATMs may exacerbate the digital divide unless banks continue with measures that aim to improve digital literacy.”

https://www.cmcmarkets.com/en-gb/


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