London is the region of the UK which has seen the biggest decline in cash machines since 2018, according to Parliament Commons Library figures.

Swedish Banking as a Service (BaaS) provider Intergiro analysed data from the Library which showed that 2,428 ATMs closed in London during the period, while 13,679 ATMs had closed nationwide.

ATMs in the North West, including Manchester and Liverpool, had reduced by 1,514 – totalling 20 per cent of closures overall.

The South East was found to have the lowest ATM ratio, with 6.7 ATMs per 10,000 residents.

With digital banking on the rise, Intergiro chief executive Nick Root believes the closures are part of a larger trend towards companies embedding financial services into their platform and products. He believes that this trend will continue to grow in the coming years, as more and more companies seek to provide their customers with convenient, integrated financial services.

Root said: “As we move into 2023, we anticipate that the trend of embedded finance will continue to grow rapidly.”

He continued: “More and more companies are offering comprehensive suite of embedded finance APIs, reducing the barriers to entry for new companies wanting to provide innovative financial services to their target market, catering specifically to their customers’ needs.”

But the news comes as the Post Office reported handling ‘record-breaking’ amount of cash over summer, attributing the surge in demand for cash services to continuing local bank branch closures.

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