In a recent statement, Matt Comyn, CEO of Commonwealth Bank of Australia, reassured customers that cash would remain a central part of its operations, despite the growing trend towards cashless payments, as reported by News.
The CEO emphasised that the bank is committed to distributing physical money and will continue to serve the needs of Australians who rely on cash for their daily transactions.
Maintaining Access to Cash
In a letter to customers, Commonwealth Bank chief executive Matt Comyn wrote that cash is “here to stay” due to the important role it plays in the community. He further stated,
“While your banking preferences may continue to change, we know cash is critical to our customers, the community and to CommBank, and it’s here to stay.”
Matt Comyn’s statement comes as concerns rise over the diminishing use of cash and the increasing prevalence of digital payments in Australia.
While many businesses and financial institutions have moved towards cashless operations, Commonwealth Bank remains steadfast in its belief that cash is an essential part of the economy.
The CEO noted that the bank would continue to inject more than $4 billion in cash each month into the economy, ensuring its widespread availability through the bank’s extensive network of branches and ATMs.
In addition to maintaining this service, Commonwealth Bank has committed to investing $100 million in upgrades to its ATM and branch infrastructure throughout 2025.
Responding to Customer Concerns
This reassurance from Comyn comes in response to recent customer concerns over the bank’s controversial plan to introduce a $3 withdrawal fee for cash withdrawals made at bank branches.
The proposal had sparked significant backlash, particularly from customers who rely on physical cash in their daily lives, such as those in rural and regional areas. Following this outcry, Commonwealth Bank announced that it would pause the implementation of the fee.
The decision reflects the bank’s recognition of the role cash plays in the lives of many Australians, particularly those living in more remote locations.
The Role of Cash in Rural Communities
A significant part of Commonwealth Bank’s commitment to cash is its pledge to maintain physical bank branches in rural and isolated areas. Comyn confirmed that Commonwealth Bank would keep these branches open until at least 2027, helping to ensure that Australians in regional and remote areas continue to have access to banking services, including cash.
This move is part of the bank’s broader strategy to provide equitable access to financial services, regardless of geographical location.
With many rural Australians still relying heavily on cash, the bank’s continued support for these communities ensures that they remain connected to the financial system.
The Shift to Cashless Systems
While Commonwealth Bank remains a strong advocate for cash, the trend towards cashless systems is gaining momentum across the Australian banking sector. Macquarie Bank, for instance, has already transitioned to a digital-only banking model, phasing out the ability to deposit cash at its branches.
However, Macquarie continues to allow customers to withdraw cash from ATMs free of charge.
This shift to cashless banking has sparked widespread discussion about the future of cash in Australia, with some customers and businesses embracing the convenience of digital payments, while others express concerns about accessibility, especially for older Australians and those in less connected areas.
Combating Financial Scams
In addition to its ongoing support for cash transactions, Commonwealth Bank has also made significant investments in combating financial scams and cybercrime. Comyn revealed that the bank had invested over $450 million in the last six months to tackle scams and fraud.
As part of its efforts, the bank now sends 18,000 alerts daily to customers about suspicious account activity. This initiative has contributed to a 70% reduction in customer losses from scams over the past two years.
With cybercrime on the rise, Commonwealth Bank is prioritising customer security alongside its commitment to maintaining access to physical money.
