Banking Industry Must Encourage and Support Innovation That Preserves Customers' Access to Cash

Banking
02.07.2021 02:30 pm

Commenting on the news that The Treasury has opened a consultation, with a view to legislating to protect the access to cash services for the public within "a reasonable distance" of their home or business premises, Matt Phillips, VP, Head of Financial Services at Diebold Nixdorf UK&I, says:

“This is an important and welcome development that will ensure access to cash, a vital component in the lives of many people and businesses across the country, is guaranteed for the future. The pandemic and recent branch closures have naturally seen some services reduced in certain areas, so it is critical we act now to ensure communities have access to cash as and when they need it.

“Our recent research found that over 50% of the public are still using cash on a weekly basis, reinforcing its importance in our everyday lives. There are new, innovative ways of ensuring customers can choose the easiest option for them. Diebold Nixdorf’s live trial in partnership with a high street Bank, enables customers to access cash and complete other banking services such as making deposits of up to £450, in different community settings such as local shops or supermarkets. The partnership has created a network of locations that offer banking services at the convenience of the customer. With the branch network reduced, the industry must encourage and support innovation that preserves our customers' access to cash services when and where they need them.”