News

Retail-BCG launches SME banking hub for rural UK

May 17, 2019

Retail-BCG has announced the introduction of an "SME banking hub" to help fill the void as banks withdraw from rural markets in the United Kingdom.

According to a press release, the hubs allow bank clients and SMEs to deposit or change money at multiservice devices in convenient locations.

Devices are easily accessible and available 24/7 to local businesses, allowing them to bank their daily takings with immediate credit, the company said. 

Functionality can include any variation of the following features:

• Bag drop including mixtures of notes, coins and checks.
• Note deposit.
• Coin deposit.
• Note dispensing.
• Rolled coin dispensing.
• Locker support for documents, valuables and other services.
• Single deposit device for note and coin.

Advantages for banks include:​ 

• Convenient location with ease of access.
• No need to engage with expensive cash collection services
• Real-time cash credit for the SME.
• Enhanced cashflow capability for the SME.
• Efficiency through automation.

"This new and exciting service fills the void left by the High Street banks, ensuring rural areas retain their financial inclusion," Retail-BCG CEO Andrew Martin said in the release.