INDUSTRY OUTLOOK
BRIDGING THE PAYMENT GAP : THE IMPORTANCE OF CASH PRESERVATION
In an era dominated by digital transactions , the allure of convenience often overshadows the significance of preserving access to cash . Steve Round , Co-founder of SaaScada , delves into the pressing need for banks and financial services firms to re-evaluate their approach amidst the evolving landscape of payments .
The FCA is belatedly embarking on its mission to return life to the UK ’ s cash deserts . In recent years , there has been a major shift to digital payments , but over 3 million UK consumers still rely on access to cash . The next few months are a critical time for banks and building societies . Under the proposed new rules , financial services ( FS ) firms will need to reassess the services they provide and plug any gaps in access to cash .
The hidden costs : Understanding the downsides of a cashless society
Digital payments bring unparalleled convenience and increased efficiency to consumers – there is no longer a need to fumble for change or count bills . The shift towards digital also curb the risks associated with theft , loss and forgery . Digital transactions leave behind a data trail that helps in tracing and retrieving
Steve Round , Co-founder of SaaScada www . intelligentfin . tech
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