UK Banks Take Action to Improve Access to Cash
Feb 22, 2023
A collective of major UK banks have formed an organisation charged with improving access to cash by supporting shared banking hubs and finding ways to provide cash services in areas affected by branch closures.
The independent, non-profit company—Cash Access UK—is backed by lenders and building societies including Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander, Virgin Money, Danske Bank and TSB.
The founding of Cash Access UK comes just a year after the establishment of a similar initiative—the Access to Cash Action Group—led by financial trade association UK Finance. We recently reported on their selection of key tourist destination Swanage as one of 12 initial towns that will benefit from consultations aimed at finding the best local solutions for increasing cash access and broadening banking options, especially for small businesses.
David Postings, Chief Executive of UK Finance, has voiced support for the new organisation, highlighting the importance of industry support for access to cash and related services.
The creation of Cash Access UK is an important step towards a network of banking hubs across the country. So far 29 hubs have been announced and the industry is fully behind getting these up and running as quickly as possible.