Tuesday, December 10, 2013

Buddy, can you spare a dime…?

cashless Sweden

Yep, it's already quite difficult to operate with cash in Sweden, even in country areas. It all sounds very good, very safe.

However, there are a couple of aspects that really need to be emphasised before we go all plastic:

1. Banks have traditionally existed as 'secure places to put your money', a role they now reject based on an

argument of 'cost effectiveness' (a.k.a. profits).

 

2. Security' is now increasingly the responsibility of…the customer! 

Do your banking by PC, or mobile phone. Fantastic? Not so.

Ok, I can understand that the majority of 'criminals' would not really be interested in hacking my measly account, however,

stealing my mobile phone is not so difficult,huh?

 

3. The big winners are the banks and card companies, not the customers. So what exactly do banks do nowadays, huh?

1 comment:

Peter said...

The answer to your obvious question Keith is: Nowadays, the banks do what they do best. They have higher earnings on our cost, while - in many cases - they higher the bank fees and put us in higher risk, instead of the companies that insure the banks.
They easy way out: let the customers pay - this way or the other - the cost...

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