INDUSTRY OUTLOOK to access cash . While many solutions could work , if FS firms are to be effective , they must prioritise speed . Local bank branches have closed at a rapid rate in the UK , and FS firms need to ensure these closures do not negatively affect the service they provide . The FCA ’ s new powers may not prevent bank branches from closing but will have an impact where branches are a key local source of cash .
Banks also have a responsibility to solve some of the challenges that hold people back from going cashless . Financial education is crucial to helping individuals embrace the digital era with confidence . Santander is leading by example , running education programmes in the countries they operate and improving the financial literacy of 2.7 million people in 2022 alone . In addition to this , FS firms must put the wealth of data they hold to good use to understand customer needs and design feature-rich bank accounts that cater for everyone in society .
Why the fight for financial inclusion matters
Everyone has the right to spend and bank how they wish . If customers want to take advantage of facial recognition and digital wallets , then a whole raft of modern technologies are ready . But cash-preferring customers who seek physical interaction and the 50 % of SMBs who rely heavily on cash matter too .
Embracing the benefits of digital transactions while upholding inclusivity and security for all is the true hallmark of a progressive financial future .
As innovation in technology continues to shape the world of payments , FS firms must ensure that they do not abandon large segments of their customer base for whom access to cash remains essential . � www . intelligentfin . tech
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