More than 80 per cent of business leaders are concerned about the closures of banks, according to a study by BusinessComparison.com.

1,000 business leaders were surveyed, with an overwhelming 88 per cent worried about the loss of banks having an impact on business.

The survey revealed that 74 per cent of respondents noticed a decline in bank branches near their place of work compared to a decade ago, causing disruptions to their operations.

In Wales, the figure stood at 83 per cent, emphasising the significant issue bank closure has become for businesses in the region.

The consequences of businesses relying on cash payments worried half of the business leaders surveyed.

Meanwhile, 41 per cent voiced concerns about the effect bank closures would have on all businesses dealing with cash transactions, including their own, and 34 per cent were worried about how customers would cope.

However, 49 per cent were unfazed by the potential death of the high street.

BusinessComparison's study also showed that trips to banks take valuable time.

More than half of the respondents, 51 per cent, reported that bank visits, including return journeys, eat into work hours, costing them 11 to 30 minutes per trip.

These visits are for various reasons, including depositing cash earnings, which 47 per cent of businesses reported doing.

The study of the SME leaders also gave insight into their use of digital services.

A majority, 78 per cent, reported always or often using digital banking for transactions.

Payment methods adopted included PayPal, Apple Pay, Google Pay and Revolut, with PayPal leading at 57 per cent.