Eight and a half million people in the UK do not have a bank account and most will not get one by 2030. How are they expected to survive? How do people in internet black spots pay for things? Perhaps the most telling thing in the last 20 years is that the Bank of England publishes statistics on the amount of physical cash in circulation. It continues to rise. Frankly, it is irrelevant what people believe. It is facts that matter. The publishers of this report should read that ancient but very relevant book by Darrell Huff - 'How to lie with statistics'.
03 May 2019 08:26 Read comment
Variable Amount Direct Debits, where the service provider (electricity, telephone, rent, etc.) sends you a bill and then takes the money directly from your bank account, has been used by UK businesses for more than 40 years. All other outgoing payments are carried out electronically. No one in the UK uses checks. This company has only written one in five years. All payments are automated.
17 Apr 2019 07:54 Read comment
I suspect that this report takes no account of human nature. It is assuming that all technology introduced by banks will be acceptable to customers. People have a terrible tendency not to perform as expected. In the event that such technology is introduced over a period of time, who needs banks. There is already talks of the large technology companies entering the banking market. Those people who love technology will almost certainly be more loyal to Amazon & Facebook that the big banks. To me, if the banks follow this route they are commiting genocide.
11 Apr 2019 09:09 Read comment
I stuck with CIS (Co-operative Insurance Services) for more than 20 years when insuring my house and contents. The last quote three years ago being UKP 3,300 (I live in a large house). I got four quotes from well known and reputable companies, all of whom quoted less than UKP 800. I was simply amazed. When I corresponded with one of the directors, they were simply disinterested. They offered no explanation nor made any attempt to keep my business. As a result, I tell anyone and everyone what a callous and uncaring organisation that they are.
01 Apr 2019 10:29 Read comment
There are people, like me, who seriously hate proximity marketing. I do not want unwanted ads appearing on my mobile phone, so I mentally record who sends them and refuse to do business with the company. It is interesting that you quote an example in the US, not the UK. US citizens are used to being bombarded by ads (US TV allows 14 minutes of advertising per hour compared to 8 minutes in the UK). Brits do not take to ads in the same way.
22 Mar 2019 09:08 Read comment
International debit cards have been available in Europe for 15 years or more.
15 Mar 2019 08:17 Read comment
Excellent analysis. As someone who was part of a start up in the 70s, when start-ups were almost unknown, we had cheap premises and average salaries and were always a little short of money, but we had a great product and we took it to market around the world and eventually sold the business for a nine figure sum.
08 Mar 2019 08:59 Read comment
Have not seen in a cheque in our business in the UK in more than 10 years. Electronic payments have been in place for more than 20 years.
01 Mar 2019 08:39 Read comment
Maybe in Belgium the spread is only 2%. In the UK interest rates on mortgages are typically 5%, on personal loans typically 10% and on credit cards typically 20%. Interest rates paid to individuals is 1%.
19 Feb 2019 13:18 Read comment
When the banks start to pay a decent rate of inerest on the money held by them on behalf of their clients, I will be happy to pay for cash withdrawal. Please do not say that low base rates preclude paying interest. Banks charge high interest rates on loans, credit cards and mortgages. It is these fees that should be covering their costs, not cash withdrawal fees.
19 Feb 2019 08:13 Read comment
Richard CarterManaging Director at Equiniti Credit Services
Michael MellinghoffManaging Director at TechFluence
David JoyceManaging Director at KIngsbrook Consulting Ltd.
Chris MorganManaging Director at HoC Solutions
Andrea DunlopManaging Director at Access PaySuite
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