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Thursday, January 18, 2018

Digital banking guru predicts cold, hard fate for cash

Chris Skinner, one of the world's leading digital banking analysts, gave a lecture on the drivers of digital banking growth at the National Bank of Ukraine on Wednesday.

Attendees included NBU Governor Valeriia Gontareva and CEOs and representatives from banks, educational institutions and information technology companies.

Skinner -- an independent commentator on financial services through his blog, -- said the use of digital banking is the way of the future and warned that banks without digital strategies in place would most likely fail. With increasing technological advances, the need to digitize services is imperative. He predicted that the use of cash would decline to an almost non-existent point within the next decade.

“Payment chips will be embedded in clothing, watches and other items. Soon your car will buy petrol by itself, communicating with the petrol filling station," Skinner said. "The new economy will be based on chips. However, cash will not disappear completely, for it is an absolutely anonymous payment."

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National Bank of Ukraine

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