Big Banks Still Committed to Cash: CBA, ANZ, and NAB Swear They Are Not 'Going Cashless'
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Ladies and gentlemen of the Seniors Discount Club, things are taking an interesting turn in the world of banking. With advancements in technology hitting us left, right, and centre, the buzzword (or, rather, buzzphrase) cropping up more frequently is 'going cashless'.
Yet, amidst the digital chaos, heavyweight banks—Commonwealth Bank, ANZ, and National Australia Bank—have made a bold declaration about their ongoing allegiance to cold, hard cash.
They've claimed that although they have put an end to over-the-counter cash transactions in some branches, cash services are still intact. The big question now is, are these banking bigwigs trying to pull the wool over our eyes?
The Australian Banking Association paints an intriguing picture: 98.9 per cent of all banking transactions were online last year, indicating a significant shift in consumer behaviour. In-person branch transactions saw a whopping 46 per cent fall in the last financial year—a testament to the growing appeal of digital banking. Furthermore, the Reserve Bank of Australia's latest consumer payments survey revealed, rather strikingly, that cash payments constituted a mere 13 per cent last year, as opposed to 70 per cent of day-to-day transactions in 2007.
Community advocates, however, have expressed unease about the repercussions this shift could have on some sections of society.
'Senior citizens, new migrants, people who are disabled, they do need face-to-face help, there's a danger here of excluding some elements of our society,' warns Steve Worthington, a Technology Professor at Swinburne University.
Regardless of our technological hurdles, the banks confirmed that their commitment to cash remains intact. ANZ marched forward, mentioning that despite in-branch transactions plunging in recent years, cash deposits and withdrawals can continue through their SmartATMs, with on-site staff present to lend a helping hand.
‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally,’ a spokesperson told reporters.
‘At these branches, cash and cheque deposits and cash withdrawals can continue to be made by using our SmartATM and coin deposit machines, and we have staff on hand to help customers to use them.’
Commonwealth Bank put forth its ‘specialist centres’ in Brisbane, Melbourne, and Sydney. They argued that while these centres align with modern, complex banking needs, on-site ATMs remain open for cash withdrawals and deposits through the bank’s app using cardless cash, their card, or account details.
NAB customers can also withdraw and deposit cash at all branches, with most also offering ATMs.
Westpac is also said to offer over-the-counter cash services.
In a bind? You can still withdraw cash from over 3,400 Australia Post outlets nationwide via Bank@Post.
Have you had similar experiences, members? Are you more of a tech-head or an old-school, cash-in-hand kind of person? We would love to hear from you!
Yet, amidst the digital chaos, heavyweight banks—Commonwealth Bank, ANZ, and National Australia Bank—have made a bold declaration about their ongoing allegiance to cold, hard cash.
They've claimed that although they have put an end to over-the-counter cash transactions in some branches, cash services are still intact. The big question now is, are these banking bigwigs trying to pull the wool over our eyes?
The big banks are maintaining that they are ‘not going cashless’. Image Credit: Shutterstock
The Australian Banking Association paints an intriguing picture: 98.9 per cent of all banking transactions were online last year, indicating a significant shift in consumer behaviour. In-person branch transactions saw a whopping 46 per cent fall in the last financial year—a testament to the growing appeal of digital banking. Furthermore, the Reserve Bank of Australia's latest consumer payments survey revealed, rather strikingly, that cash payments constituted a mere 13 per cent last year, as opposed to 70 per cent of day-to-day transactions in 2007.
Community advocates, however, have expressed unease about the repercussions this shift could have on some sections of society.
'Senior citizens, new migrants, people who are disabled, they do need face-to-face help, there's a danger here of excluding some elements of our society,' warns Steve Worthington, a Technology Professor at Swinburne University.
Regardless of our technological hurdles, the banks confirmed that their commitment to cash remains intact. ANZ marched forward, mentioning that despite in-branch transactions plunging in recent years, cash deposits and withdrawals can continue through their SmartATMs, with on-site staff present to lend a helping hand.
‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally,’ a spokesperson told reporters.
‘At these branches, cash and cheque deposits and cash withdrawals can continue to be made by using our SmartATM and coin deposit machines, and we have staff on hand to help customers to use them.’
Commonwealth Bank put forth its ‘specialist centres’ in Brisbane, Melbourne, and Sydney. They argued that while these centres align with modern, complex banking needs, on-site ATMs remain open for cash withdrawals and deposits through the bank’s app using cardless cash, their card, or account details.
NAB customers can also withdraw and deposit cash at all branches, with most also offering ATMs.
Westpac is also said to offer over-the-counter cash services.
In a bind? You can still withdraw cash from over 3,400 Australia Post outlets nationwide via Bank@Post.
Have you had similar experiences, members? Are you more of a tech-head or an old-school, cash-in-hand kind of person? We would love to hear from you!
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