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Excellent analysis

For this to happen there has to be a replacement to banks in the market. I, for one, want to entrust my savings to an organisation based in my country of residence - I do not like the idea of having to chase an organisation in a foreign country, with different laws and potentially different language when a problem occurs (and problems always occur). Can you imagine someone in France, Germany or Italy entrusting their monies to Amazon or someone similar? I cannot. So where is your solution? All you have identified are problems.

What this tells me is that cash is by far the simplest method of payment

Whilst iwoca provides a service, it is at a cost. The interest rate quoted to my business was extremely high. There are better and cheaper ways to raise money

Well said

How does this work in areas with very poor or no signal (Cornwall in SW England being a prime example)? How does it work when my phone battery is dead? How does it work in a different country to where my phone is registered?

Whilst mobile telephony has come a long way in 30 years I find that most people will not trust it for banking, because of the fact that Apple, Google, etc., can ascertain your activities.

Most core banking software products in the market were developed in the 1970s or 1980s. So replacing the banks software that was originally developed in the 1960s with something only a little more modern is not very clever, yet I can name at least a dozen banks around the world that have done just that - usially at a cost of more than $1 billion - yes $1,000,000,000. This is because the consulting costs are in excess of 75% of the cost and the banks rarely count the cost of their own staff in the equation. I have yet to come across a bank that has accurately estimated the cost of replacing their core system, or one that has got value for money.

I would not trust my banking to a company that is not reknowned for resolving problems. I trust my bank more than I trust Amazon (I'm sure that this depends who you bank with - mine is excellent)

As both a private individual and a business owner, I was never asked whether I wanted faster payments, nor was it made clear to me when faster payments were introduced, that the risks would be transferred to me rather than my bankers.

Many of these frauds occur because the fraudster has been able to open a UK bank account with forged or stolen documents. They then receive money and immediately remove the funds. Please tell me why banks should be absolved from responsibility for allowing the fraudulant account to be opened and also tell me why they are not picking up the immediate removal of the funds received. I do not agree that the general public and businesses should pay for this.