- UK missing out financially as a result of ‘want it now’ attitude says HSBC UK research
- Competition, innovation and customer choice essential to safeguard access to cash for UK’s vulnerable communities says OneBanks
- Homebuyers pay a ‘green premium’ of up to £40,000 for the most energy efficient properties says Halifax
- Santander says Spanish SMEs will be able to access finance to implement their projects and undertake growth and development plans after agreement with EIF
- Standard Chartered Private Bank research reveals legacy planning takes on modern concept for the wealthy
- Coining it: Marquee investors rally into Coinrule funding round as auto crypto trading takes off
- Robocall fraud to cost consumers $40bn globally in 2022, as standardised mitigation frameworks become priority expired
- Claro campaigns for Brits to reduce "Buy Now,Pay Later" expired
- Market Pay strengthens its contactless payment expertise with the acquisition of Dejamobile expired
- UK tech company Weavr partners with Barcelona based-11Onze fintech to launch community-focused banking super app expired
- Evergrande crisis and potential rate hikes have done little to spook stock markets this week says Capital com expired
- Moneyfacts says BTL product choice surpasses pre-pandemic total expired
25th February 2020
Auriga responds to recent Deutsche Bank research report on the future of payments
Deutsche Bank recently released its The Future of Payments research report, which outlined that over 60% of British respondents expressed that cash is still their preferred method of payment, and will always be around despite the rise of digital payments. This sentiment is particularly true for those aged over 35 and those living in the countryside.
Mark Aldred, banking specialist at Auriga, comments “One of the main reasons why cash is under threat is due to the high and rising operational costs of running ATMs. Additionally, the convenience of contactless digital payments seems to be pushing the use of cash closer to extinction. However, cash usage isn’t declining across the board–we need to recognise the strong attachment customers have with using ATMs to manage their financial affairs.
“Nearly one in two Britons visit a cash point weekly. Cash is losing its pre-eminence, but it is going to continue to be part of a wider mix of payment methods–especially against a backdrop of the questionable reliability of other bank channels following a string of high-profile outages of online and mobile banking services. Indeed, the reliability and security of an ATM is often unmatched by those other channels.
Protecting access to cash for all communities from inner cities to remotest rural areas is vital. Communities need access to not just cash but an array of banking services that support local economies. There is a need for greater imagination from some parts of the industry to use advances in self-service banking technology that can give a community a bank branch in a box or rejuvenate their bank branch as a focal point for financial services. The ability to customise modern ATMs to offer additional services from paying a bill to doing a live video call with a financial product specialist also allows cash access to be subsidised through generating extra revenues. Perhaps the government should stride in to help if the industry doesn’t do more to help itself, but I am optimistic that we can evolve cash access to better serve customers if we break the old mould of how ATMs are operated.”