Dutch central bank warns about the rise of the cashless society

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No cash here.

The Dutch central bank DNB said on Tuesday it had concerns about the decline in the use of cash, saying the lightning-fast rise in digital payments could lead to vulnerable groups having limited access to goods and services.

While apps and other digital methods of payment are rising in popularity, ‘there is a risk that certain groups of consumers could be left behind and cut out of the payment systems,’ the bank said in a new report.

‘To make sure that everyone can continue to participate, paying in cash must remain an option. At the same time, the accessibility and ease of electronic payment systems should be improved.’

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Why your bank hates you for loving bitcoin

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Bitcoin has been around since 2009, but it really wasn’t until recently that it finally hit the mainstream consciousness of investors and the general public. As of this writing 1 bitcoin is now worth over $5,600 USD. And its meteoric rise doesn’t look to be abating any time soon. Its potential to reshape how we understand and use money is real. But the big question is why are banks and governments so steadfastly against it?

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Banking with startups a growing trend

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Majority of the people in the U.S. could be “banking” with startups in the next three to five years.

For investors and entrepreneurs, when looking for opportunity in the financial industry where technology can have the greatest impact, the best place to start has been with one of our oldest institutions: banks. However, while critical to our economy, banks are generally inefficient, have high fixed costs and don’t exactly elicit happy thoughts from the average consumer. It’s for these reasons, among others, that the biggest opportunities in the financial world revolve around the disintermediation of these banks and core financial services.

 

 

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Millennials see financial institutions as irrelevant

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Millennials are looking for ways to live bank-free in the future.

Scratch polled 10,000 millennials to find out which industry was most prime for disruption. The results from the poll found that banks make up four of their top 10 most hated brands, but millennials increasingly viewed these financial institutions as irrelevant.

 

 

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Foreign banks turn away U.S. millionaires

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UBS, the world’s biggest non-U.S. private bank, said in 2008 it would discontinue offshore accounts for U.S. citizens.

Some of the world’s largest wealth-management firms are wanting American millionaires to go away ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC, Deutsche Bank, Bank of Singapore and DBS Group all say they have turned away business.

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Credit unions benefit from backlash against big banks

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Credit unions added more new members during that month than in all of 2010.

Credit unions are benefiting from the backlash against big banks over new fees.   And in Texas, credit unions gained $326 million in new deposits from 47,000 new members during the month leading up to the so-called Bank Transfer Day. The Saturday event was orchestrated by an online campaign urging consumers to move their money from banks to the generally smaller credit unions.

 

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