• Ian Bradbury, CTO Financial Services at Fujitsu UK & Ireland


• 20.06.2018 12:00 pm
Banks

While the benefits of contactless payments are undeniable, cash still plays an important role in the financial life of Brits across the country. Reduced access to cash might have unpredictable consequences for a number of industries besides the financial services – such as retail and hospitality.

Despite latest reports showing that cash use in the UK is declining, some organisations are focusing on how they can actually grow their services around cash use. For instance, the Post Office expect that their cash-based services will need to grow to meet the needs of consumers and small businesses no longer served by the reducing number of bank branches. In other words, banks closing branches due to high maintenance costs created a gap in the market – a gap that is now being fulfilled by other organisations that have started to provide financial services in addition to their main services.

Our own research showed that a wide majority of Brits (72%) believe banking has been dramatically changed by technology and as shown by the Post Office example, we’re witnessing a changing model for who actually provides cash in smaller communities. In order to reflect the ongoing trend of blurring and blending of organisations’ remit when it comes to supplying and offering financial services, businesses and banks must be mindful of those who still rely on cash and make the transition as smooth as possible.