The Bank of England recently reported a 5% rise in the volume of cash circulation in the UK. If the volume of cash continues to increase at even half of this rate, Wincor Nixdorf predicts that by 2020 banks will be handling 13% more cash, compared to today.
The rise of cash in circulation means that banks and financial institutions in the UK need to be better prepared to make cash handling more efficient and safer over the next few years. The ATM Industry Association (ATMIA) also claims, “cash is one of the most successful technologies ever invented, being history’s longest-lasting, most resilient form of money”.
Omnichannel customer experience and operational excellence
Customers today are more demanding than ever and expect a seamless experience regardless of the touchpoint used. While they require the speed, flexibility and convenience of digital banking, they still value face-to-face interactions and completing transactions in branch, highlighting the importance of a truly omnichannel business model.
Retail banks are working hard to respond to digitisation by providing multiple mobile technologies and online banking options. New technologies are beginning to make it easier for consumers to complete a transaction, regardless of the chosen channel – for example withdrawing cash with smartphones, quick response codes and contactless cards through near field communication (NFC).
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