Impact of Online Banking on Society

What is one of the main reasons for the decline of high street banks according to the case study?

• Increased interest rates

• Rise of online banking

• Lack of customer service

• Government regulations

Which political party in the UK proposed laws to prevent the closure of high street bank branches in 2017?

• The Conservative Party

• The Labour Party

• The Liberal Democrats

• The Green Party

According to the case study, what is a potential disadvantage of online banking for customers?

• Limited access to banking services

• Increased travel time to banks

• Less personal service

• Higher transaction fees

What impact does the closure of high street banks have on local communities, as mentioned in the case study?

• Increased employment opportunities

• Loss of revenue for local shops

• Improved public transport

• Decreased property values

How did the closure of local bank branches affect lending to small businesses, according to the case study?

• Lending increased by 50%

• Lending remained the same

• Lending dropped by 63%

• Lending increased by 10%

What is one of the benefits for bank shareholders due to the rise of online banking?

• Increased utility bills

• More staff to pay

• Less overheads

• Higher rent for commercial premises

What is a potential risk associated with online banking mentioned in the case study?

• Increased face-to-face interaction

• Higher interest rates

• Potential for hacking

• Limited access to devices

According to the case study, what is a challenge faced by bank staff due to the closure of branches?

• Increased job security

• Need for retraining

• Higher salaries

• More job opportunities

What was the reported profit made by the big four banks from their high street branches in 2015?

• £5 billion

• £11 billion

• £20 billion

• £15 billion

What is one of the key impacts of online banking on customers, as mentioned in the case study?

• Limited banking hours

• 24-7 access to banking services

• Increased travel to branches

• Higher transaction fees