New tech enables cash to remain king for Britain’s SMEs
Metro Bank is accepting registrations for its new on-demand cash collection and delivery service to support the 4.2 million UK SMEs that rely on cash.
The launch is the latest in a long list of innovations brought to the market by the Bank – from instant debit card printing in store and seven day a week opening hours, to helpful insights and nudges from the Bank’s mobile app. MCash will help ensure cash remains a viable option for SMEs and consumers.
Managed through Metro Bank’s mobile app, business customers will be able to log on and select a day for a cash pick-up and / or drop-off from as close as 24-hours away, and up to a week in advance.
Convenience and security remain top pain points for SMEs
Metro Bank customers currently make up to 250,000 trips to deposit or withdraw cash at Metro Bank stores every year, with cash deposits of more than £30 million made by SMEs at Metro Bank stores every month.
Managing cash can present both time and security issues for businesses. MCash promises to give SMEs back vital time to spend running and growing their businesses.
According to new research from Metro Bank:
- One in three SMEs (34%) have to travel to their local bank at least once a week
- Almost half (46%) of SMEs who have to deposit cash agree that depositing cash is a waste of their time
- SMEs spend on average three working days every year just withdrawing or depositing cash at the bank
- Having enough time is one of the top three issues that concern SMEs, alongside online security and maintaining a work-life balance.
The Bank’s research also reveals two in five senior decision makers at SMEs that handle cash (44%) have felt vulnerable carrying cash from their business, one quarter (27%) have been threatened, and a similar proportion (25%) have been robbed or physically harmed.
Paul Riseborough, chief commercial officer at Metro Bank, says: “MCash brings the latest technology to bear on an age-old problem – how to support SMEs that need to deposit and withdraw notes and coins.
“It’s another example of the game-changing digital innovations that Metro Bank is bringing to the market to help give our SME customers the edge in today’s competitive market.”
Natalie Ceeney CBE, chair of the Access to Cash Review, added: “Millions of people rely on cash in the UK – and while there’s been a lot of attention on ensuring consumers can get cash, it’s equally critical that they can spend it. Small businesses play a critical role in keeping cash viable, and we need to make it easy for them to keep banking cash, allowing them to remain flexible to consumer preference and to get on with their day-to-day business.
“I’ve long questioned why you can order a takeaway pizza on your mobile app, but a small business can’t get cash delivered direct to its door. Metro Bank’s MCash service is exactly the type of innovation we need to see to tackle this issue and keep cash a viable option for millions of consumers nationwide.”
This new service comes as Metro Bank sets about injecting much needed competition into the small business banking market – deploying the £120m funding it was awarded from the Capability & Innovation Fund alongside the Bank’s own investment to transform the UK SME banking experience.
Launched in partnership with RMS Group Services – a leading challenger provider of cash in transit services providing services across the UK and Republic of Ireland, Metro Bank will initially be accepting registrations from customers based within a 30-mile radius of six Metro Bank stores west of London. The service will continue to roll-out across Metro Bank’s 71-strong store network in 2020. The service will be available to sole traders and single director limited companies.
