Nearly half of people in the UK believe their access to cash has improved over the past year, according to a new survey from ATM operator NCR Atleos. The findings come one year after the Financial Conduct Authority’s (FCA) Cash Access regulatory regime came into effect on 18 September 2024.
The survey, conducted via an on-screen questionnaire at over 7,300 ATMs nationwide, gathered more than 380,000 responses. It found that 44 per cent of people believe their access to cash has improved in the last 12 months. This figure rose to 47 per cent at protected ATM sites.
The data highlights the continued importance of cash for a significant portion of the population. The FCA’s Financial Lives 2024 report revealed that 13.1 million adults in the UK have low financial resilience, with between five and six million adults relying on cash for their daily needs.
Progress in shared banking infrastructure
The past year has seen a significant rollout of shared banking infrastructure in response to the FCA’s cash access rules, delivered through the combined efforts of banks, ATM operators, and Cash Access UK. This includes the establishment of 121 banking hubs and nearly 100 deposit-capable ATMs.
According to the data, these services now serve over 210,000 customers each month and process more than one million transactions. NCR Atleos reported that since September 2024, it has enabled over 150,000 deposit transactions worth more than £40million across its 72 live deposit-capable ATMs in the UK.
Neil Martin, area managing director for the UK, Ireland and Northern Europe at NCR Atleos, commented: “The past year has been a resounding step in the right direction for providing vital cash access to the millions of people who still depend on it every day. The FCA’s regulation change has successfully driven new investment into hubs, protected ATMs and deposit services – infrastructure that now handles millions of customer transactions every month.”
Innovation and sustainability for the future network
While acknowledging the progress made, the commentary also pointed to the need for continued innovation to ensure the long-term sustainability of the cash access network.
Martin added: “But we must also keep pace. Hubs take time to establish and are resource-heavy, so it’s vital we complement them with cost-efficient models such as supermarket hubs and multi-bank deposit ATMs. Convenience is equally key. Services need to be available at times that suit people’s lives, whether that’s early in the morning or on a Sunday afternoon as families prepare for the week ahead. If we continue innovating in this way, the network will remain sustainable, resilient and fit for the future.”
Looking ahead, NCR Atleos plans to continue expanding cash services in partnership with banks and retailers, with a focus on innovations like coin-accepting ATMs. The company stated that by complementing traditional banking hubs with more flexible and cost-efficient formats, the cash access network can be scaled to ensure communities and businesses across the UK have reliable access to cash.
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