This commentary by y Richard Buckle, CEO of Pyalla Technologies on the BankingTechnology web site reviews events from the ATMIA conference in New Orleans from a “bigger picture” perspective. While stating that cash is still king, he ultimately perceives threats on the horizon:
“Cash is still very much king and in a strange way, holding funds in cash provides a level of security unthinkable only a decade ago – electronic tentacles into every corner of the globe make holding funds electronically susceptible to all kinds of risk. What appeared to be a reworked StorageTek robotic tape silo, as displayed by Quantum Systems, capable of retrieving almost anything tangible from cash to safe to the contents of safe deposit boxes may be a foretaste of what’s install for branches but the chapter hasn’t closed on branch offices quite yet.
However, what time spent on the exhibition floor of conferences such as ATMIA US Conference teaches all of us is that there are smart minds at work rethinking how to serve our financial needs, cash or otherwise, and as long as they are doing so, there’s no end of surprises ahead for all of us. Cash may be king for yet a while, but to the next generation of consumers, it may all be as simple as being a phone call away.”
Mercator doesn’t expect cash will go away anytime soon anymore than TV killed the radio. While those of us deeply involved in digital commerce perceive the displacement of cash as the primary opportunity, there are several limits and areas of friction that would cause harm to the economy if cash were to be eliminated any time soon.
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
