I can’t belie when people says that past was a good time. People who says that always have some example, like better food, clear water in river, tougher cars and more responsible financial sector. In my opinion people have tendency to forgetting about bad things. They remember that thirty years ago they could buy more things for one Pound than today for ten. But they don’t realize what is inflation and that this phenomenon is old as paper cash. Even older, because when gold from America began arrive to Europe somewhere in XVI century, also lost worth.
But not about this. Older people really often forgets how really looked banking. Everything was slowly and expensive and for every stupid things, they had to go to banks and wait for their turn. Today we may create account from home – everything by Internet. But this is only beginning of list of services that we may use online. Most important for us is fact that modern core banking system is designed for Internet and real time services. Today nobody wants to go to bank to take some money. Of course there are ATM machines, but most of people don’t like to use cash.
Psychologists says that reluctance to cash has many roots. For example if someone will steal your wallet, then you lose all money from them. But if you use digital money from credit card or from mobile phones, then thief can’t use it. Electronics financial services are protected and safe.