Cash Cycle in a Digital World

It is unusual for a commercial bank to describe its cash strategy, and so it was particularly good to hear NatWest, one of the UK’s big four high street banks, do this at the Future of Cash conference in Istanbul.

NatWest accounts for one in four payment transactions in the UK serving 19 million customers. Cash transactions make up 14% of all transactions and NatWest cash centres process 30% of all cash. It operates 5,500 ATMs. NatWest also owns the Royal Bank of Scotland and Ulster Bank, both of which issue their own banknotes in Scotland and Northern Ireland respectively.

The presentation referred to a changing market and a changing political focus on cash. The Access to Cash review 2019 has, in part, led to the Financial Services and Markets Act 2023 which has given regulators powers to protect cash access.