The first of England’s “super-ATMs” have opened for business. These machines let customers of dozens of banks deposit cash and withdraw it—for free. Cash Access UK is pleased to announce an ambitious and exciting step for the UK industry. They have brought in some really cool new machines like “multi-bank deposit ATMs.” The first installations are in Atherstone, Warwickshire, Heathfield, East Sussex, and Swanage, Dorset.
Cash Access UK is committed to maintaining access to cash services across the country. They hail the coming of these super-ATMs as a wonderful advance in the banking environment. These machines provide important banking access to local residents and small businesses. In particular, they’re interested in serving the communities that no longer have any local bank branches due to bank consolidation. That rollout of super-ATMs will be key. They are just the first of more than a dozen additional communities that will soon be receiving their own machines.
This is increasingly the case, given that 33 parliamentary constituencies could find themselves without a single bank branch by the end of this year. These anecdotes reveal the compelling need for change right now. All of this makes super-ATMs an attractive option to help meet the needs of the cash-dependent.
Gareth Oakley, chief executive of Cash Access UK, said these machines had been vital. They are incredibly important to consumers, particularly those in the UK who need to access cash. He noted, “It’s just as important that businesses who accept cash can bank it, too.”
The super-ATMs will allow customers of virtually any bank to conduct transactions easily and quickly. Now eight major high street banks are joining together to create a national system that ensures access to basic banking services. Their introduction is an important component of this larger strategy. Martin McTague, another industry leader, remarked on the significance of the multi-bank functionality: “The ability to deposit in a super-ATM that works for multiple banks is an important innovation and could make a real difference alongside the accelerated rollout of banking hubs and maintenance of Post Office counters.”
Cash Access UK is planning to roll out more than 100 super-ATMs nationwide. Their intention is to have them all up and running by the year’s end. This hopeful blueprint is a promising signal that there’s serious desire to restore banking access for communities that are increasingly experiencing the loss of banking resources. Super-ATMs could soon become a protection mechanism for each user as well. They will help ensure access for small businesses who serve cash-reliant customers.
These discussions on the future of banking in the UK are already building steam. It’s a gutsy leap into the future, a meaningful exploration of new technology to provide useful services and cash to unbanked residents in banking deserts. The initiative is a great collaborative effort in addressing the reality that we can’t leave anyone behind when it comes to access to basic banking services.