News & Views - Savantor

Cash withdrawals up or down?

Friday, 17 September 2010

Some interesting findings recently on ATM usage reflect on different trends in cash withdrawals.  There is a lot of focus on bringing back the £5 notes in ATMs.  A survey of more than 2,000 UK residents has found that over 60% of people would find it useful to be able to withdraw £5 notes from ATMs, supporting the Bank of England's initiative to increase the number of £5 notes in circulation.  Research from LINK has shown that 74% of customers want more access to these notes.  HSBC and LTSB have announced plans to increase the number of ATMs offering fivers.  Meanwhile, UK Payments tell us that the amount of cash withdrawn from ATMs was £1.6 billion lower than in the second quarter of 2009, a decline of 3.2%.

According to new research from Lloyds TSB, there is a clear tendency towards withdrawing £5 notes from ATMs amongst the younger British population, with 81% of 18-24 year olds welcoming the initiative, followed by 74% of 25-34 year olds.  The research also showed the older generation (65+ years old) tend to withdraw larger denominations of cash on a less frequent basis.

Apparently now 74% of people in the UK say ATMs are their preferred method for withdrawing cash. A further 8% prefer cash-back and an additional 8% choose to withdraw money from the cashier in a bank branch.  On average, 20% of those surveyed use an ATM to withdraw money 2-3 times a week, 27% visit an ATM once a week, whilst 8% use an ATM as and when they need the cash.  So we may be taking less cash out but we definitely want it from ATMs which give us more fivers.  It makes you wonder if the cashless society we are supposedly moving towards will be as elusive as the paperless office.

Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Complex Cards Business Transformation

"This was a major business transformation that required us to build an excellent team made up of internal bank specialists, supported by external card business, technical and operations expertise. Savantor provided specialists from the local market and with international experience to fill a variety of important roles. The Savantor resourcing team are professional, reliable and good people to work with."

Ricardo Gomez, Director - Operations & Technology - WiZink Bank - Spain

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

Payment Specialists

"Working close with Savantor's professionals over the years in the payment arena. I appreciate the skills and knowledge these guys have and will surely engage with them when opportunities arise. The current engagement with Savantor is full to satisfaction and beyond."

Idsert Walta, Head of Banking Categories - Nordea - Scandinavia

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Credit Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

Card Processing Migration

"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Card Migration

"I was impressed by the speed with which the Savantor team were able to start delivering and as a team they have made a significant contribution to the success of the Programme."

Bjorn Niels, Programme Director - ABN AMRO Bank - The Netherland

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.