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Your playlist will load after this ad Among them is South Wairarapa Mayor Alex Beijen, who says businesses and older Kiwis still need physical branches to bank. Source: 1 NEWS
South Wairarapa District Mayor Alex Beijen delivered the petition to the Minister of Finance Grant Robertson today.
Last year, the Government launched four regional banking hubs in Martinborough, Opunake, Stoke and Twizel in response to banks shutting down individual branches.
Today, at the hub in Martinborough, South Wairarapa locals expressed frustration with the trial.
Your playlist will load after this ad Dozens of mayors say the banks should be forced to provide services to small communities.
What will banking look like in 2021?
31 Dec, 2020 04:00 PM
6 minutes to read
Major banks will all stop accepting cheques in 2021 while branch closures and a decline in the number of ATMs are set to continue. Roger Beaumont, chief executive of the New Zealand Bankers Association, says the outbreak of Covid-19 has sped up trends in the banking industry that were already happening.
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Its industry-wide research shows there was a 15 per cent reduction in branch transactions involving cash in 2020 and a 30 per cent drop in those involving cheques. Cheques are in rapid freefall in terms of their usage and I think you have got to bear in mind Covid last year accelerated a lot of these trends that we are seeing whether it is in branch transactions, use of cheques or on the flip side the increase in online engagement and activity and online banking and mobile banking.