Several major banks have joined forces to ensure communities can continue to access their cash, following an increase in highstreet branch closures.
The collaboration, achieved through the Access to Cash Action Group, saw eight pilots established this year, and communities will be able to request a review of their community’s needs from summer 2022.
The pilots trialled a range of offerings, including new ‘BankHubs’, providing basic banking services, such as counter services run by the Post Office (PO) and rooms in which customers can see community bankers.
Cashback from local shops, automated deposit machines for small businesses, digital services to make it easier for people to get cash and manage small change, and new ATMs were also piloted.
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However, of all the solutions piloted, PO’s ‘BankHubs’ met the widest range of needs.
Two sites in Rochford, Essex, and Cambuslang, Lanarkshire, reported 92 average daily customers, 40% of all consumer transactions were cash deposits, 80% of all business transactions were cash deposits, and more than 4,200 cheques were deposited.
In response to the news, ACS chief executive James Lowman said: “Convenience stores trade across the heart of communities across the UK and we know that cash is still very important to a large proportion of our customers.”
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