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Cash is becoming less popular: Sparkasse Frankfurt will no longer accept cash in the future
According to a recent article on hna.de, a savings bank near Frankfurt has decided to no longer accept cash. This drastic step is based on a lack of staff and the fact that accepting cash costs German banks and savings banks almost two billion euros annually. Raiffeisenbank Hochtaunus had already closed all branches last year because customer demand was too low. This is not an isolated case, as more and more ATMs and bank branches across Germany are closing due to a decline in customers. According to a study by Bonsai Research on behalf of the payment expert GLORY, cash is still the most popular means of payment among Germans, even...
Cash is becoming less popular: Sparkasse Frankfurt will no longer accept cash in the future
According to a recent article on hna.de, a savings bank near Frankfurt has decided to no longer accept cash. This drastic step is based on a lack of staff and the fact that accepting cash costs German banks and savings banks almost two billion euros annually. Raiffeisenbank Hochtaunus had already closed all branches last year because customer demand was too low. This is not an isolated case, as more and more ATMs and bank branches across Germany are closing due to a decline in customers.
According to a study by Bonsai Research on behalf of the payment expert GLORY, cash is still the most popular means of payment among Germans, even ahead of card payments. Nevertheless, the number of people who prefer to use cash has fallen compared to a few years ago, as studies by the German Bundesbank also confirm. This could be due to increasing acceptance of card payments and digital payment methods.
Going cashless can have both positive and negative effects on the market and the financial industry. On the one hand, the elimination of cash deposits can lead to cost savings for banks as they require fewer staff to process cash. On the other hand, this may be problematic for some customers, especially the elderly or those who have limited access to digital payment methods. This could result in banks and savings banks losing customers who continue to rely on cash payments.
The closure of branches and the abandonment of cash could also reinforce another trend that has been observed for some time: the increase in digital payment methods and the decrease in the physical presence of banks. This may lead to increased use of online banking and mobile banking applications, which in turn may have further impacts on the financial industry.
Overall, this article shows that giving up cash and closing branches brings both opportunities and challenges for banks and savings banks. It will be interesting to see how this trend develops in the coming years and what impact this will have on the market and the financial industry as a whole.
Source: According to a report by www.hna.de
Read the source article at www.hna.de