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Responding to figures published by Which? on access to cash, UK Finance Chief Executive Stephen Jones commented:
Cash use is declining dramatically as customers turn to safer and more convenient ways to pay, such as contactless cards, and the industry is investing heavily in these new technologies to meet customer demand. It is disingenuous to suggest that major banks have ?made hundreds of millions of pounds from cash machine cuts and bank branch closures?. The industry understands the important role bank branches - and the ongoing use of cash - play in the life of local communities, and in common with other physical retail activities, decisions to close them are only taken when footfall and usage fall below a viable level. "Customers are able to access everyday banking services at 11,500 Post Offices across the country, while banks continue to invest in services such as mobile branches to reach more rural communities. "The banking and finance industry has introduced a number of measures to ensure access to cash remains free and widely accessible for those that continue to need it. These include arrangements by LINK to protect free-to-use ATMs in more rural areas and to ensure that every high street in the UK has free access to cash. "There is no ?one size fits all? approach however and understanding the needs of local communities is critical. That is why, alongside LINK's commitments, UK Finance supports the development of the Community Access to Cash Pilots initiative which aims to help local communities develop and support access to cash solutions which work for them.
Cash use is declining dramatically as customers turn to safer and more convenient ways to pay, such as contactless cards, and the industry is investing heavily in these new technologies to meet customer demand. It is disingenuous to suggest that major banks have ?made hundreds of millions of pounds from cash machine cuts and bank branch closures?. The industry understands the important role bank branches - and the ongoing use of cash - play in the life of local communities, and in common with other physical retail activities, decisions to close them are only taken when footfall and usage fall below a viable level.
"Customers are able to access everyday banking services at 11,500 Post Offices across the country, while banks continue to invest in services such as mobile branches to reach more rural communities.
"The banking and finance industry has introduced a number of measures to ensure access to cash remains free and widely accessible for those that continue to need it. These include arrangements by LINK to protect free-to-use ATMs in more rural areas and to ensure that every high street in the UK has free access to cash.
"There is no ?one size fits all? approach however and understanding the needs of local communities is critical. That is why, alongside LINK's commitments, UK Finance supports the development of the Community Access to Cash Pilots initiative which aims to help local communities develop and support access to cash solutions which work for them.
<ol><li>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from their next nearest free-to-use ATM. LINK has also committed to ensure that every high street in the UK has free access to cash via an ATM or a Post Office. <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c…; <li>The Community Access to Cash Pilots initiative will aim to select a small number of UK communities to develop and support access to cash solution which work for them. Pilot communities will be selected by an Independent Board, chaired by Natalie Ceeney CBE. Further details on this initiative will be announced in due course.</li> <li>Bank branches play an important role in the life of local communities and decisions to close them are never taken lightly. Customers are able to access everyday banking services at 11,500 Post Offices across the country, while banks continue to invest in services such as mobile branches to reach more rural communities.</li> <li>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li> </ol>
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