
By Kathy Kyle, BID Manager
According to BBC, an average of more than 50 UK bank branches have closed each month since 2015.
We all know that technology has advanced to enable businesses to accept electronic payment options, including Apple and Google pay. In a 2020 report by Marqeta, nearly half of consumers 51-64 say they use ‘mobile wallets’ not just for retail transactions, but to reimburse friends and to tip service workers. Some report that paying by phone is often easier than looking for their wallet, and that mobile payments are more secure than paying by card as there is a biometric component (meaning you must scan your face or fingerprint to make the transaction).
It can’t be denied that we are living in a digital age. It is considered by many to be convenient, safe, and efficient.
However there are downsides to refusing to take or make cash available to customers. Research has shown that cash remains a necessity for millions of people, with the elderly and those with disabilities among those likely to struggle with digital forms of money. And banks are more likely to close their branches in disadvantaged areas. (BBC, 2023)
It is about choice, experience and staying competitive
According to You Gov, only three percent of UK adults have become totally ‘cashless’, meaning they never use banknotes or coins for payments. The way we pay for goods and services has changed rapidly over the past five years, and there is willing on the part of both our younger and mature generations to accept new ways of working.
Andrew Fuller, Chairman of the Dorking Town Partnership Business Improvement District, and owner of S C Fuller — the oldest shop in Dorking, said “Despite the reduced use of physical money over the past few years, we know through our day to day interactions in our businesses that our customers still value the tangible aspects of cash. This is also reflected in the research and experiences of other high street businesses across the UK.”
Everyone in our community deserves to have access to services, food, and goods. It is about choice, staying competitive, and the customer experience.
Businesses can’t afford to lose a sale when or if the wifi goes down. If a business requires counter services, they do not have time to wait ages in line at the Post Office to pay in or to make change (if they have the necessary change at all) if someone in front of them is conducting other business (no offence to our friends who work at the Post Office – Hi Pam!) .
Vulnerable people in our community should not be left behind. And quite simply, we should make it easier for our customers to shop, visit, and enjoy our high street. Our community should have the freedom and independence to make transactions with the currency that they choose to use, and our businesses should have the choice to take cash or to go cashless.
When we make it difficult for people to shop with us, to visit our leisure centres (who no longer take cash – despite their lockers requiring it), when their experience on our high street is unpleasant – or worse, difficult – our non-digital native — and sometimes our digital — customers will quite simply go elsewhere. The high street already struggles attracting shoppers due to digitalisation: according to Statista, the UK leads Europe with nearly 60 million e-commerce users and has the most advanced e-commerce market in the region, with £133B and 38% market share. Let’s not make it worse by adding an additional barrier for both shoppers and businesses.
A Banking Hub for Dorking
It is disappointing to read LINK’s decision to not recommend a Banking Hub in Dorking. The BID requested that the banking survey be conducted in Dorking and fully supports a Banking Hub in town. In order to maintain a competitive trading environment and an enhanced customer experience, it is necessary to encourage and support a Banking Hub in Dorking. The BID will continue to monitor the progress of this initiative and advocate for a hub. The Dorking BID supports progress for our town, the implementation of digital transformation tools to stay competitive and creative ways to enhance the lives and livelihoods of Dorking businesses and the community we passionately serve.
Our high street, much like many of our British high streets, needs all of the help and support it can get to stay competitive. We also believe that banking should not be a zero sum game. We look forward to continued collaboration and partnership with our community partners to keep Dorking vibrant and competitive.
So far, only seven permanent hubs have opened in various areas across the UK.
But what do you think?
Let us know in the comments.
Banking in Dorking
Here is a list (as of 18th August 2023 according to Link) where the public can access banking services and cash in Dorking:
Nationwide Building Society Dorking (Office hours below) | Post Office Dorking (Office hours below) | Cardtronics UK Ltd Waitrose Dorking |
164 High Street Dorking RH4 1UR | 175 High Street Dorking Surrey RH4 1SA | 48 South Street DORKING Surrey RH4 2HQ |
Cashpoint is free to use Open 3 days per week | Everyday banking | Cashpoint is free to use |
Cardtronics UK Ltd Dorking Service Centre | Cardtronics UK Ltd Rontec – Pippbrook | Royal Bank of Scotland Tesco |
2 Reigate Road DORKING Surrey RH4 1SG | 18 London Road DORKING Surrey RH4 1JA | Reigate Road Dorking Surrey RH4 1QD |
Cashpoint: £1.99 | Cashpoint is free to use | Cashpoint is free to use |
Cardtronics UK Ltd
Dorking Station
Station Approach
DORKING
Surrey
RH4 1TF
Cashpoint: £1.99
Nationwide Building Society | Post Office |
Friday 9.00am – 4.30pm Saturday Closed Sunday Closed Monday 9.00am – 4.30pm Tuesday Closed Wednesday 10.00am – 4.30pm Thursday Closed | Mon 09:00-17:30 Tue 09:00-17:30 Wed 09:00-17:30 Thu 09:00-17:30 Fri 09:00-17:30 Sat 09:00-12:30 Sun Closed |
