innovating to meet changing consumer needs in the uk
TRANSCRIPT
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Innovating to Meet Changing Consumer Needs in the UK
LINK’s extensive free-to-use network is under pressure as consumer usage shows signs of dropping and costs to issuers are rising. How can innovation maintain the great universal access to cash
position that LINK delivers for UK consumers? LINK’s CEO John Howells sets out how innovation in both the location of machines and the services that they offer are part of LINK’s approach.
John Howells – CEO, LINK
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A cashless society?
“Diebold Group, a prominent New York firm
of management consultants, is satisfied
from a preliminary survey that, to all intents
and purposes, America will be a “cashless”
society inside the next decade and that
Europe could follow suit five or ten years
later”.
- FT, 2nd August 1966
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Consumer demand for cash is still high
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500
1,000
1,500
2,000
2,500
3,000
3,500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Total Annual Cash Withdrawals (millions)On-us from Payments UK
On-us and Other LINK FTU LINK PTU
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£0
£200
£400
£600
£800
£1,000
£1,200
2000 2002 2005 2007 2009 2011 2013 2015
Total Network Costs Including On-Us (£millions)
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0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
ATM Numbers Over Time
Branch
Remote FTU
Remote PTU
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All ATMs by Location Type
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Financial Inclusion – a key requirement for consumer groups, regulators, government, and LINK Members
• Programme initiated in 2007.
• Has seen over 1,900 areas resolved with new free-to-use ATMs.
• Strong support from LINK Consumer Council, and groups like Citizens Advice, Consumer Focus Northern Ireland and Toynbee Hall.
• Website Tool gives details of target locations and nearby ATMs.
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“Retail location specialist CACI estimates there are at least 3,500 bank branches that are at risk of closure.”