Metro Bank has begun accepting registrations for its on-demand cash collection and delivery service to support the 4.2 million UK SMEs it says rely on cash. MCash is designed to 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 the bank's stores every year, with cash deposits of more than £30m 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 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 shows 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. The findings come from an Opinium Research survey of 811 senior decision makers at UK SMEs between 30 October 2019 and 5 November 2019.
“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," said Paul Riseborough, chief commercial officer at Metro Bank. “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.”
This service comes as Metro Bank sets about injecting competition into the small business banking market by deploying the £120m funding it was awarded from the UK Capability & Innovation Fund, alongside the bank’s own investment.
Like this item? Get our Weekly Update newsletter. Subscribe today