The secure cash management platform G4S is partnering with the shared branch banking innovator OneBanks, to enable banking customers to pay bills more efficiently, and deposit and withdraw notes and coins at OneBanks’ shared banking kiosks; which are currently being trialled across the UK.
The kiosks, which are fully manned, have been designed to use Open Banking technology to offer face-to-face banking to communities which no longer have local bank branches, but still value talking to trained staff when carrying out basic banking transactions.
G4S will equip OneBanks’ kiosks with a Cash 360 intelligent safe which, once integrated using technology developed by OneBanks together with its IT partner Endava, will allow customers to pay utilities and other bills with cash, whilst receiving their change in cash too.
This same intelligent technology will enable the customer to make cash withdrawals. The OneBanks facility is equipped with a touch screen which also allows customers who may not have a credit card or other means of digital payment to purchase goods and services from online providers, such as Amazon, eBay, or ASOS, using cash.
Ultimately this G4S facility will enable OneBanks to offer a more compact and lower-cost version of its shared banking installations; which are more suitable for use in corner shops and convenience stores. The initial format currently being trialed in Denny, near Falkirk in Central Scotland is designed for use in larger supermarkets, shopping centres, and other high footfall locations such as railway and bus stations.
Since the Denny trial was launched, as lockdown eased in April, local residents have been taking advantage of the kiosk to carry out their everyday banking transactions. The ability to deposit cash at the kiosk has been particularly popular for local small businesses as it has enabled them to avoid a round trip of nearly 15 miles to their nearest bank branch to bank their cash takings.
The range of service on trial in Denny will be enhanced once the G4S technology is installed later this month. Further trials are planned later this year at three sites including two more in Scotland, and one in England.
G4S’ Cash 360 intelligent device allows notes and coins to be reused as well as providing bill payment, which is not commonly offered by conventional ATMs. As a result, they will not require the regular servicing which traditional ATMs typically demand, significantly lowering maintenance cost as well as reducing the environmental impact.
The OneBanks shared branch concept received a boost in May when UK Finance and the largest retail banks and building societies launched the Access to Cash Action Group, examining ways that businesses and individuals can continue to use cash for everyday banking. As part of its existing cooperation with the banks’ Community Access to Cash Pilots, OneBanks is providing data to feed into the design of possible models that will meet that objective.
“The experience so far has shown that there is a real demand for face-to-face banking and OneBanks can meet that need in a way that works for customers and banks alike,” comments Duncan Cockburn, CEO of OneBanks. “Our partnership with G4S enables us to go a stage further and offer more of the everyday banking services people need. This is a fantastic opportunity to demonstrate the value of both the OneBanks approach and the G4S Cash 360 solution.”
John Apthorpe, Commercial Director from G4S added, “G4S is delighted to be part of this exciting project from the start and helping OneBanks to deliver this important service that will improve access to banking for many underserved communities.”