Out with the old, in with the new – banking reborn.

February 7, 2024
1 min read

HSBC has unveiled a new “cash pod” ATM in a rural area of the UK that recently lost its last bank branch. The bank plans to install 10 more of these cash pods as part of an effort to support rural areas that lack access to banking services. However, critics argue that these cash pods do not represent progress, but rather a return to an outdated model of banking. The rise of digital and mobile banking has led to a decrease in physical cash and in-person interactions, leaving many people without access to basic banking services. The UK’s Financial Conduct Authority is currently holding a consultation to protect access to cash and ensure that reasonable provision is made for cash deposits and withdrawals. Some critics argue that proposed regulations to control the closure of bank branches and ATMs are too weak and do little to protect against the loss of access to cash and financial services in communities. They also argue for more choice in banking services, rather than relying on monopolies such as the Post Office. Despite these concerns, HSBC is complying with incoming regulations by rolling out more cash pods.

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