Bank branches and ATMs are disappearing at a rate of knots, prompted by a shift away from cash by customers and a laser-like focus on costs from the banks.

Data released by the prudential regulator for the year to June shows that 447 branches, or 9 per cent of the total branch network, have been closed. ATMs have vanished even faster, with 1864, or 19 per cent of the network, ripped out.