Question to the HM Treasury:

To ask Her Majesty’s Government what research they have commissioned to identify the future needs of customers for financial services delivered (1) through digital channels, and (2) via physical premises.

Part of the government’s long term economic plan is to ensure that banks serve all sections of society. The government is committed to increasing competition to deliver innovation and good financial products and services for all customers.

The government launched an international FinTech benchmarking exercise to identify emerging areas of opportunity for FinTech in the UK in November 2015. This exercise is being carried out by Ernst & Young, and findings are due to be delivered in early 2016. The report will look at the future needs of customers for financial services delivered through digital channels.

The Government has not commissioned research to identify the future needs of customers for financial services delivered via physical premises. However the Government welcomed the industry-wide Access to Banking protocol announced in March 2015. Since May 2015, each participating bank has committed to carry out a number of steps if it is closing a branch, including the preparation of meaningful local impact assessments. There is a commitment to a review of the operation of the protocol after one year, and the government looks forward to the publication of its conclusions.