Financial Shift: Consumers Turning Back to Cash

The past decade saw widespread predictions of cash becoming a relic of the past. However, recent data reveals a surprising trend – a $7.6 trillion resurgence in consumer spending facilitated by cash in 2022 alone (FIS Global Payments Report, 2023). This unexpected development presents a significant opportunity for financial institutions to optimize their ATM/ITM networks. 

 

Understanding the Cash Upturn 

Several factors are driving increases in cash utilization.   

  • Economic Uncertainty: As economic anxieties rise, consumers (over 50% according to a PwC report) find comfort in the tangible control cash offers over their spending. 

  • The Unbanked and Underbanked: A significant segment of the population relies solely on cash for everyday transactions due to limited access to traditional banking systems. 

  • Budgeting Savvy: Cash's physical presence allows for easier tracking and management of finances, appealing to budget-conscious consumers. 

 

A Trend on the Rise 

A recent US study by Credit Karma (2023) found that over half of consumers are utilizing more cash compared to just a year ago. Notably, Gen Z leads this trend, with a staggering 69% embracing cash. 

Optimizing Your ATM/ITM Network for Profitability 

NuSource recognizes the evolving nature of cash usage and the importance of your ATM/ITM channel. We offer a comprehensive suite of solutions to help you capitalize on this trend, including: 

  • Denomination Selection: Our solutions allow you the flexibility to offer multiple denominations including $100.00 notes which are surging in demand.   

  • Expanded Service Offerings: Our best-in-class NuView application allows real-time monitoring with enhanced software support capabilities leading to increased uptime and on the fly terminal updates.  

  • Robust Physical & Cyber Security: Ensure a safe and secure experience for your customers with our industry-leading security solutions. 

Partnering for Success in the Cash Landscape 

 

NuSource is committed to being your trusted partner in maximizing the profitability of your ATM/ITM network. We invite you to contact us and explore how we can help you leverage the continued relevance of cash. 

The security partner you need to ensure the safety of your branch, staff and data. Contact NuSource today.

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