As the world dives headfirst into digital, Principality Building Society is here to remind everyone that cash isn’t going anywhere.

In a landscape where bank branches are vanishing from high streets faster than you can say ‘contactless,’ we’re doubling down on our commitment to keeping cash accessible and ensuring that no one gets left behind.

The great cash divide

There’s no denying it: in an increasingly digital world, the importance of cash remains as crucial as ever. For individuals and businesses across the UK, access to cash is one of the most enduring pillars of a functioning financial system, particularly for those who rely on it the most.

As we continue to move towards a more digital economy, it’s vital that we recognise the value cash brings, especially for vulnerable groups and small businesses. For many, cash isn’t just a method of payment - it’s a way to manage budgets, stay connected to the local economy, and often, a lifeline in times of uncertainty.

A recent report from Which? found that more than 6,000 bank branches have closed over the last 9 years, often leaving communities, families and small businesses at a loss for what was once agreed to be a vital service.

At Principality, our own research has shown that a large proportion of our members, particularly in rural and semi-rural areas, rely heavily on cash for day-to-day transactions. While millions have embraced digital banking, a substantial number of people continue to depend on the personal service and security that only physical banking can provide.

This year, the Financial Conduct Authority (FCA) introduced new regulations to protect access to cash. These rules require banks and building societies to assess the impact of any changes to local services on cash availability and to act where necessary. At Principality, we’re not just prepared for these changes -
we’re already leading the way. 

Cash vs. innovation? Think again? They're a perfect match We believe that innovation and access to cash can go hand in hand. While many of our competitors are withdrawing from the high street, we’ve made a commitment to stay and serve our communities. Through our partnership with OneBanx, we’re not just safeguarding access to cash; we’re reimagining it.

OneBanx has established a network of community-based banking hubs across the UK, strategically located in accessible places like post offices and community centres. These hubs offer essential services such as cash deposits, withdrawals, and balance checks.

At Principality, we’re proud to have implemented two of these OneBanx terminals within our own  branch network, with plans to introduce more in the near future. These hubs ensure that even in areas where traditional banking services have dwindled, our members can still access the cash they need to manage their day-to-day lives.

Our commitment to maintaining access to cash is about more than just providing a service - it’s about enabling our members to achieve their hopes and aspirations. As the financial sector continues to  evolve, it’s easy to think that cash and innovation are at odds - but at Principality, we see them as the perfect match. By combining the reliability of cash with innovative solutions, we’re enhancing financial resilience and ensuring our communities remain vibrant and inclusive. Ensuring access to cash isn’t just about meeting regulatory requirements - it’s about fulfilling our responsibility to the communities we serve.

At Principality Building Society, we’re proud to lead the way in preserving cash access, keeping it at the heart of our communities for everyone who needs it, right now when it matters most.

For more information about Principality Building Society: www.principality.co.uk

This article was first published in Society Matters magazine