*AS FEATURED ON PYMNTS.COM
March 22, 2018
How Cross River Bank Keeps Cash Flowing
In the financial services world, most buzzworthy payment innovations are frequently aimed at rendering older, physical financial concepts moot. This includes checks, brick-and-mortar bank branches, ATM cards and, yes, cash.
But not all financial innovations are focused on making such concepts obsolete. Some companies, like Cross River Bank of Teaneck, New Jersey, have launched services to ease consumers’ access to physical cash notes by tapping into the convenience of the existing financial infrastructure.
That infrastructure is helping to keep cash a fixture of U.S. commerce today. In the most recent PYMNTS Global Cash Index, United States Analysis found that Americans spent $2.5 trillion in cash in 2015, a higher rate than that of Western European nations.
Given its high usage in the U.S., some financial institutions (FIs) see a need to innovate how their consumers access cash. PYMNTS recently spoke with Ben Isaacson, senior vice president and general manager of payments for Cross River Bank, who discussed how the FI’s newest offering addresses the needs of underbanked consumers and millennials, and why he believes it could spell trouble for the U.S. Postal Service (USPS).
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