The cost-of-living crisis sees cash usage increase.

The British Retail Consortium (BRC) recently published its BRC Payments Survey 2023, which revealed that cash usage grew for the first time in a decade, rising to 19% of all transactions (from 15% in 2021).

This reflects a choice by many households to use cash to budget more carefully during the cost-of-living crisis. The BRC stated that the increase in cash usage – both by spend and transaction numbers – is welcome. BRC members are committed to accepting cash payments, supporting vulnerable groups and those using cash to budget.

Faced with rising living costs, cash is a useful tool for some people to manage their finances and track their day-to-day spending. When dealing with financial strain, the use of cash can offer a tangible way to monitor and control spending. Seeing physical money leaving their wallet or purse can make people more conscious of their expenses, helping them budget more carefully.

Making cash accessible

The growth of cash usage during the recent challenging economic conditions demonstrates that there are still consumers for whom cash is vital, especially those in the most vulnerable situations. However, consumers generally have no preference as to who provides them with their cash, as long as it’s accessible. The average ATM user is primarily focused on the functionality, reliability and ease of use to access their cash. It’s all about convenience and accessibility.

Keeping banks and their customers connected

With inflation and interest rates still high, the cost-of-living crisis sadly looks set to create challenges for a few more years to come. However, even when the financial markets have settled, and the use of cash potentially dwindles, NoteMachine’s research shows that many consumers still prefer a face-to-face banking experience. Not everyone is ready to be forced down the digital route of communicating with a chat bot.

Whilst the Government states that bank branches still have a role in the community, particularly in rural areas, in Southwest England, 40% of banks have closed since 2012. In 2024 and beyond, we will see more high street bank branch closures. NoteMachine is on a mission to take banking back into the community, making it easier for customers everywhere to access and deposit their cash conveniently where they live, work, shop and spend time.

AXIS hubs are here to stay

AXIS hubs are a great marketing opportunity for banks to maintain branch visibility in the heart of the community, enabling consumers and businesses to continue to use banking services with their bank of choice, despite the closure of many high street banks. The hubs can offer access to cash via ATMs, as well as multi-bank deposits and convenient face-to-face banking services for things like remortgaging and loan enquiries.

AXIS is a bank-in-a-box that facilitates and futureproofs access to banking services in a sustainable, cost-effective way. It’s a unique modular banking solution that NoteMachine can supply, install and manage. AXIS hubs are fully customisable and can be located almost anywhere, wherever the public needs to be able to access banking services, and withdraw and deposit cash.

NoteMachine has the technology platform and supporting full-service infrastructure to partner with financial institutions to deliver these services rapidly, flexibly and at competitive costs. So if you want a hassle-free banking solution to meet customer demands, in both challenging times and beyond, visit

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