A major new UK report, Access to Cash, by former Chief Financial Ombudsman Natalie Ceeney, makes a strong case for the need to protect cash services in the years ahead.

The report says that “for 17% – or 8 million people – cash is not a choice, but a necessity.” Many people have a strong preference for cash. According to the report, 34% of people surveyed said this was because they like to have the choice to use cash, 6% cited privacy and 55% said that it gave them peace of mind “as they know that cash will always work.”

The report argues that the UK needs a more efficient cash infrastructure and discusses the need for solutions such cash recycling.

Vaultex has been at the forefront of developing end-to-end services that improve the overall efficiency of the cash cycle, while adding value for our customers. We believe that significant savings can be made through the use of managed service contracts with clear accountable metrics; better implementation of data, forecasting and management information; and by improving existing processes.

Vaultex’s consultancy team is helping organisations  – from Central Banks to retailers – with their cash management challenges: from strategic planning to delivering operational excellence. For example, our Cash-In-Transit optimisation service reduced one business’ CIT collections by 180 a week.  Click here for more information.

You can find the full Access to Cash report here.