Retail Banking Post Pandemic
Peoria, IL; May 8, 2020 - With the current pandemic, we are all experiencing changes to our day‐to‐day reality. Hopefully sooner than later we will begin to see the return of some normalcy, but there are some things that will not and should not go back to the way they were before. A prime example is the usage of technology.
Technology that makes our lives richer, easier, and more efficient has existed for years. However, the adoption of technology has been gradual, as behavior is difficult to change while the old way of doing things is still an option. In many cases, the pandemic has taken away the old way of doing things and forced us to utilize technology. Countless people have had their first video conferencing meeting or placed their first grocery pickup or delivery order in the last month, and having cleared the initial hurdle, will inevitably continue to use those services going forward. Banking is no different. Many customers who have always gone inside a branch to do their routine banking have been surprised to find out that not only can they still do their banking with lobbies closed, but in many ways, it is actually easier.
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Currency Poses No Greater Risks Than Cards or Phones
Consumer Payment Choice Coalition Says U.S. Currency Poses No Greater Risks Than Cards or Phones
Washington, DC; April 30, 2020 – Businesses that refuse to accept cash as a way to lower coronavirus transmission risks are acting contrary to the best available scientific evidence, according to a statement released today by the Consumer Choice in Payment Coalition (CCPC).
The CCPC brings together a diverse group of leading consumer and business organizations with a strong shared interest in ensuring that all consumers retain the freedom and right to pay with cash at retail establishments throughout the country. The dissemination of reliable information to consumers regarding public safety in using cash is an essential component of this new group’s mission.
The CCPC believes, based on the best available scientific literature, that handling U.S. currency carries little risk of contracting coronavirus infections, so long as proper procedures are followed – the same precautions that are recommended in handling plastic cards or mobile phones
In the wake of the coronavirus outbreak and concerns over the spread of COVID-19, there has been a myriad of misinformation about the possibility of spreading the virus by simply handling currency. Unfortunately, some of this hyperbole about cash safety is little more than a transparent effort by those having vested interests in promoting a migration away from cash to electronic payment methods, which in turn would exclude millions in our population from retail markets.
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The Ongoing Role of Cash in an Uncertain World
In the midst of our global battle with the coronavirus, there is much misinformation circulating – do this, don’t do that, etc – and a part of this includes misinformation about the risks associated with the handling and use of physical cash. Moves to refuse cash payments have no basis in science and have the potential to bring chaos to what is already a fraught situation. With that in mind it is important to clarify the science and a need for a continuance of free choice in the way we pay for goods and services.
At a time of great threat, we all need to work to deliver realistic solutions that work for everyone. It's no good focusing solely on technologies that are not available to a large proportion of those most at risk. The one thing that cannot be sacrificed is inclusiveness. WE ARE ALL IN THIS TOGETHER.
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