The Flemish socialist party Vooruit says that economically vulnerable people are impacted the most by the closure of so many branches of banks. The closure of a bank branch not only means that people are no longer able to seek advice from bank staff in person or carry out transactions over the counter. It also means that cash machines and machines that can be used to print off bank statement or make bank transfers are no longer available.

In 2015 there were still 6,500 bank branches in Belgium. By last year this had fallen to 4,200. In Flanders there were just over 4,500 banks in 2015. By 2020 this figure had fallen by 36% to 2,900.

It was the Flemish socialist MP Melissa Depraetere that requested figures on the number of branch closures. Ms Depraetere says that while it is true that many more of us use websites and apps for our financial transactions the closures of bank branches on this scale creates a digital divide between those that have access to the internet and are able to use the websites/app that those that don’t and can’t.

Ms Depraetere told journalists that the closure of bank branches means that people have to travel further if they need to go to the bank or need cash from a cash machine. Furthermore, charges for over-the-counter transactions have also increased significantly in recent years.

"You have to go further to your nearest branch, which isn’t easy if you have mobility issues or don’t have a car. And in addition to this once you’re there you have to pay more for basic services”, Ms Depaetere said.

"Moreover, older people and people living in poverty use cash more than the population as a whole as this enables them to have a clearer view of their finances", Ms Depraetere added. 

This is of course an issue if there are not only fewer and fewer banks, but also fewer and fewer cash machines. 

The financial services industry federation Febelfin says that the banks are simple following social trends.

Febelfin’s spokeswoman Isabelle Marchand told VRT News that “People are going to banks in person less and less. 60% of people go even less than once a year to a branch”.

Ms Marchand added that Belgium still has the highest concentration of bank branches in Europe. Moreover, the banks are doing all they can to accommodate the needs of people that are unable to make the digital transition.

"Just before the summer we concluded an agreement on universal banking service provision. This means that people that still do a lot of manual transactions will still be able to do so at a reasonable price”.