Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

Many of you will have seen the recent announcement from the US treasury about the upcoming release of new banknotes in the 2020s. This news has attracted significant media attention – something that is somewhat unusual for a story about paper money.  There have been some incredibly positive pieces in the news about the fact that, for the first time, the US will include women and black people on their notes, including Harriet Tubman, the former slave, abolitionist and suffragist, Eleanor Roosevelt, the Rev. Martin Luther King Jr. and African-American classical singer Marian Anderson.

However, more than one commentator has been quick to question the logic in this long term plan in releasing new $10, $20 and $5 notes, given there is an apparent impending ‘cashless’ economy.  New banknotes entering circulation are often a sign that cash use is here to stay.  A cashless society for example was much talked about in Sweden.  However, the central bank there are introducing new bank notes also into circulation and interestingly the Swedish government have also subsequently put a halt to a fully cashless society, such is the importance of cash to wider financial inclusion and consumer choice.

The ‘move away from cash’ or ‘death of cash’ are frequent topics of discussion, but the reality is that the amount of currency in circulation is actually increasing. Federal Reserve data is the US reports that the 20 years to 2015 actually saw the number of bank notes in circulation more than double, reaching more than 38 billion.

Also, according to Retail Banking Research – Global ATM Market and Forecasts, in 2014, ATMs in the US enabled 5.6 billion cash withdrawals, totalling $745 billion (at an average amount of $130 per withdrawal). There are some estimates that predict this figure will actually fall in future years, but at only at a rate of less than one percent per year its impact will take hundreds of years to even be felt. It would take actually over 200 years at that rate of a slight decrease to see cash withdrawals in the US even drop below 1 billion a year!

It is impossible to predict the future, and I’m sure that we will at some point get closer to a cashless society as new technology evolves over the next 30, 40 or even 50 years.  I firmly believe that people still like the convenience of cash and the flexibility it offers. So for these new banknotes I think the future is bright – I look forward to seeing and using them along with the many other payment methods available to me.

Colin Gordon is a SelfServ Marketing Manager at NCR Corporation and is based at NCR’s R&D Center in Dundee, Scotland. Colin is responsible for the marketing of NCR’s Financial hardware portfolio with a specific focus on Cash Dispense ATMs & financial trends.


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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Brad Strothkamp

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.