Community

Whilst I am sure that the findings of the survey of 1000 people were accurate, where were these 1000 people found - 20 from each state of the union and each one of those 20 from a different age group, background and environment? I very much doubt it. As a result, I find the conclusion unbelievable without the breakdown of the background of those surveyed.

Why is this a surprise? It was flagged last year and nothing has changed. It is not only banks, but government institutions and many major businesses that are in the same position. The cost of upgrading is huge, because it is not just the cost of licences from Microsoft, it is also the cost of the hardware, since Windows 8.1 and Windows 10 need much bigger PCs that the banks and others have installed. Then there is the training cost to educate users. It is a critical problem, but one caused by Microsoft, not by the banks. It was Microsoft who decided to discontinue support, principally because they want to force their users to upgrade and make more money. Perhaps the banks need to schedule to move to a newer system, but not one from Microsoft.

Eliminating cash will not stop the theft of money. Electronic theft of funds will just get more sophisticated. Eliminating cash will not stop criminal activity. Establishing bank accounts in countries with less rules about ownership will enable criminals to move funds with impunity. This is an interesting article, but rather naiive. Cash is still used in more than 50% of transactions by individuals in the world. Australia has less than one-third of one per cent of the world's population. So eliminating cash there will hardly cause a ripple.

An excellent analysis. No pension provider provides advice - all advisors were outsourced many years ago to enable the pension companies to avoid taking the blame for poor performance.

I'm sorry, but this is no different to at least 10 other entrants to the banking market in recent times. Listening to customers is the latest buzz phrase. The only thing of interest to customers service. How do I get it? Face to face in a branch, video, or internet dialog.

It is not that pension providers should educate their customers but that customers need to be educated about pension providers. The stock market is at a similar level to 15 years ago, having peaked above 6900 in December 1999. Most pension companies have not delivered on their investment strategy over the same period. Yet cash ISAs have almost doubled their value during the last 15 years with no charges. Why invest in a pension when you can now put more than £15000 into an ISA every year. When you come to retirement you do not have to buy an annuity and all of the savings are yours to do what you want with.

I suspect that the future of pension companies is not looking good

Your opening two words are 'recent research'. Who carried out the research and what was the profile and number of the particpants? Given the number of cards in use I suspect that the sample was 0.0001 per cent or less of the populace. That wonderful 60 year old book 'How to lie with statistics' by Daryl Huff comes to mind. I do see an increase in payment using a smart phone, but the idea that it will outpace cards in five years is outlandish.

This sounds like the previous arguments for the demise of cash.

Excellent analysis.

Pat

I have changed the PIN on my US card by calling an 0800 telephone number and answering a number of automated questions - date of birth; month and year in which the account was opened, as well as providing the card number and the expiry date. However, I do agree that retaining signatures is foolish.

No Brett, this is the second decade of the 21st century and this is real. Much as you would like everyone to do things the way you want, reality gets in the way.