Upcoming Deadline Approaches for Major Bank’s Transition to Cashless Operations
In a move that signals the future of banking, Australian investment bank Macquarie is set to phase out all cash and cheque services by 2024. This decision is part of the bank’s broader transition to a fully digital banking platform, aimed at providing customers with a safe, quick, and more convenient way to bank.
Macquarie first announced its plans to go cashless in September 2023, and now the rollout is underway. Starting in late May, the bank will discontinue over-the-counter cash and cheque services at its offices. Customers will no longer be able to order new cheque books or deposit or collect cheques at a Macquarie office. Furthermore, from November 1, Macquarie customers will no longer be able to deposit cash or cheques over the counter at NAB branches.
While this transition may seem drastic, Macquarie customers with transaction and offset accounts will still be able to withdraw cash at ATMs across Australia and overseas. The bank is committed to ensuring its customers have access to secure and reliable digital payment options.
As part of this transition, Macquarie also plans to switch off its automated telephone banking service by November. The bank believes that digital banking offers real-time transaction tracking and account activity, making it a safer, quicker, and more convenient way to transact.
Macquarie’s move towards a cashless future comes as no surprise, as other major banks in Australia have made similar announcements. BankWest, for example, has revealed plans to convert to a digital-only bank by October 2024, closing or converting all remaining bank branches in the country. With 97 percent of transactions now completed digitally, BankWest believes that physical branches are no longer necessary for the majority of their customers.
Similarly, National Australia Bank announced in January 2024 that it would be closing at least 14 branches across New South Wales, Queensland, South Australia, and Victoria. However, Westpac has promised not to close any more regional bank branches until at least 2027.
The transition to a cashless society is not limited to Australia. Around the globe, banks and financial institutions are embracing digital banking platforms and reducing their reliance on physical cash and cheques. Macquarie Group, of which Macquarie Bank is a part, operates in 34 markets worldwide and is at the forefront of this shift towards digital banking.
As the deadline for Macquarie’s transition to cashless operations approaches, the bank is set to announce its financial year 2024 results on May 3. Analysts at Goldman Sachs are forecasting cash earnings of nearly $3.5 billion for the bank. This further emphasizes the bank’s strong position in the market and its commitment to providing innovative and efficient banking solutions.
In conclusion, Macquarie’s decision to phase out cash and cheque services by 2024 is a significant step towards a cashless future. By embracing digital banking platforms, the bank aims to provide customers with a safe, quick, and more convenient way to transact. As other major banks in Australia also make similar moves, it is clear that the era of physical cash and cheques is coming to an end. The transition to digital banking offers countless benefits for customers, including real-time transaction tracking and increased security. Macquarie’s upcoming financial results will likely reflect the bank’s successful adaptation to the changing landscape of banking.
