FinTech’s digital revolution is shaping consumer spending habits and placing huge pressure on our high street banks to reduce overheads
From vanishing branches to shrinking workforces, the drive to cut costs has had a major impact on how these vital financial institutions operate.
Increasingly, banking chiefs are looking at new ways of managing their cash machine assets and the benefits they offer in controlling spending and developing revenue.
Across Europe, banks are either outsourcing their ATM channels or joining forces to ‘pool’ ATM estates to ensure a reliable supply of cash.
While the declining use of notes and coins is well-documented, there’s an increasing awareness of their continued importance to a great many consumers.
In the UK, the influential Access to Cash Review, led by ex-financial ombudsman Natalie Ceeley, last year revealed that good old-fashioned paper money remains essential to as many as eight million Brits.
This means banks are having to balance meeting the needs of a large section of the population with running a viable business.
By outsourcing their ATMs to an independent ATM deployer (IAD), banks can make significant savings and benefit from highly specialised sector knowledge.
A forward-thinking IAD knows how to drive additional revenue from cash machines in a way that goes beyond simple transactions.
CashFlows is ideally placed to help banks reduce operating overheads by outsourcing their ATM estates.
Through its international BIN Sponsorship team, the payments specialist is a gateway to a range of dynamic and dependable IADs in the UK, Europe and beyond.
CashFlows is able to deliver BIN Sponsorship for all the major card operators including Visa, Mastercard, UnionPay, JCB and America’s Discover.
In 2018, the business sponsored an impressive 38,500 ATMs in the UK, Ireland, Netherlands and Belgium, settling 40 million transactions valued at £2.8 billion.
To find out more about how CashFlows is able to help your bank retain its much-needed ATM presence and develop new income streams, call the BIN Sponsorship team on 01223 550920.