Killing Cash Once and for All


Along with economic and political uncertainty in the United States and abroad come predictions for 2017 on the possible rebirth of banks and the final death of cash. Maybe.

Uncertainty will drive the higher usage of cryptocurrencies in some places, as China looks to suppress bitcoin to slow the outflow of funds. At the same time, the country is looking to make investments in blockchain and FinTech firms.

The U.S. is witnessing a reshaping of the customer-bank relationship as younger consumers rely on banking apps more than brick-and-mortar branches. The predictions for cash-killing peer-to-peer payments continue, but it’s easier said than done. It’s all in this week’s links.

Will these technologies kill cash once and for all?

Bristlecone Holdings president Kyle Ferguson predicts that 2017 will be the year of alternative payments. Traditional banks will enjoy a rebirth as they attempt to reinvent themselves. “Banks that dismissed FinTech initially are now scrambling to keep up,” Ferguson writes.

17 must read articles – FinTech Trends & Predictions 2017

SEPA for Corporates has a collection of articles that you have to read to prepare for 2017, including insights from American Banker, The Huffington Post, and The Financial Brand. See the full list here.

FinTech moves of the cloud computing providers

In 2017, cloud computing providers will become a bigger player in financial services, The Daily FinTech asserts. As they shape risk management, data management and more, firms to watch include Avoka, Moven, FICO, Accenture, and Cognizant.

The corner bank in the cloud

Brick-and-mortar retail stores are feeling a pinch as shoppers increasingly use their mobile devices, writes Gary Schwartz for BankNxt. Such sweeping changes in the way millennials bank will influence what banking looks like in the future. “Customers are opening their larger screens and mobile apps daily to check their accounts, pay bills, make deposits, and transfer funds. However, is it this very advantage that makes the banking industry more precarious now than before mobile services entered main street?” he asks.

How is FinTech shaping up for 2017?

Machine learning will tap into big data digital banking more secure, and low-cost mobile payments will enable seamless peer-to-peer payments in 2017. These factors, along with global political uncertainty, will drive pivotal money management changes going forward, writes Michael Kent for IT ProPortal.

Once upon a time there was a bank

Banks have become product factories rather than fulfilling a social role in the community, but the the FinTech wave is actually helping to restore consumer engagement and relationships. The digitalization of financial services could bring back that forgotten business model, writes Cristiano Motto for LinkedIn Pulse.