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are digital banks the future of banking ?
a large number of banks have come up in usa , europe and other parts of the world which don’t need new atm machines to work with .
- they use the existing automated teller machines
- have no physical branches – they exist on your phone
- allow payments via google pay and apple pay
- money can be transferred via a phone number
- no physical cash needed
- can tell you how much and where your money is being spent , in nice summarized graphs
- can automatically earmark funds for saving
- allow trading in stocks , crypto and commodities
- basically an entire bank in your phone
- the convenience of FIN TECH – the rising star in the venture capitalists funding
some names are ( this is by no means an all inclusive list )
the need for cash printed by the government , depositing it in atm machines , providing security to move the cash , pollution from transportation vans , replacing soiled notes with new ones , cost of 30,000 us dollars per atm machine , operating system to run the computers inside , cc tv cameras for safeguarding the cash , sensors for detecting when the cash is about to get depleted – all these costs can be saved.
hopefully , the central banks and the governments realize the potential of this , pass on the savings to the customers in the form of higher savings rates .
at least then , the people will start saving more 🙂