The report, commissioned by consumer credit information provider CRIF,  found that less than a quarter (23%) of UK consumers would choose their banking provider on the basis of them having a branch nearby.

This is considerably less than both Europe and the US where 35% and 38% respectively still see a nearby branch of value.

The apparent indififference to physical banking is across all age groups, although it is is growing among the 18-34 cohort, where just 13% see a nearby branch as important, compared to 21% just a year ago.

And while 33% of those aged 55 and above see a nearby branch as important, this is still considerably lower than the US (53%) and Europe (41%).

Instead, British banking consumers see products and services suitable to their needs as the most important factor in choosing a bank (41%), followed by a well-establshed brand (35%).

According to CRIF, the results show the "shifting priorities" of UK consumers when it comes to retail banking. It also reflects the fact that many UK banks are already well into their strategy of reducing physical branches in favour of remote or digital banking.

Since 2015, more than 6,000 bank branches have been closed while it is estimated that 46 million UK adults use some form of online banking.

“We know that the UK is the leader in financial services and communication technology in the European area. This, coupled with the ongoing closures of branches, has fuelled the embrace of digital banking," says Sara Constantini, regional director for the UK and Ireland at CRIF.

“Yet this poses challenges for banks and other financial providers, who must not only adapt to meet growing digital demands but do so in a way that meets high expectations for tailored services and products, while maintaining more traditional services to support all existing clients.”

The survey results will be welcomed by those UK banks planning to close more branches this year and next. For example, Lloyds Banking Group has announced it will close 292 branches in 2025.

Meanwhile, other banks such as HSBC have pledged to keep their branch network untouched until at least 2026. Nationwide has vowed to keep its current branch network unchanged until 2028 and even commisisoned research of its own earlier this year which found that nearly three quarters of the 2000 surveyed consumers are concerned about the rate of closures, with around half frustrated to find a branch closed when they needed it - including 50% of 16 to 24 year olds.