Irish Banks pushing for Cashless Banking?


#142

Something else An Post can suck at using our money.

They deliver the mail quite well. Anything else they’ve tried they’ve fucked up.

Postmobile anyone?


#143

“Online portal”??? Are they talking about online banking.

Big question is An Post above their depth.

Post offices are largely a relic of the past. Banking has moved online, mobile and via apps. The little branch banking is mortgage selling and automated machines.

Human branch banking is dying worldwide.

Are government owned An Post living in the year 2015 or are they about to loose a fortune with their current account offering. I suspect the latter.


#144

Also don’t we already have a post office bank?


#145

Bank branches are not much use for most of us any more. But they will remain for a long time.

Most people aren’t physically comfortable with trusting their wealth to the cloud.

Banks spend lots of money on heavily fortified buildings in prime locations with lots of staff sitting around. It is not for no reason. I know in theory a bank run from a call centre will give me better interest rates and lower charges. But people still like to be able to walk into a building and take their money out on request.

Even bookmakers that make the bulk of their revenues online will maintain a bricks and mortar presence if they already have one.


#146

Postbank was a venture between Anpost and Fortis, who pulled out due to having to be bailed out > en.wikipedia.org/wiki/2008%E2%8 … ial_crisis

I think currently Anpost have some sort of deal with AIB, so most of the infrastructure is there, i be happy if AnPost offer free current accounts with debit card and online/mobile banking like they are planning, they sure as hell are more trustworthy than the gombeen banks that ran this country into this ground.

Imagine if 80-90% of population had current accounts with AnPost back before the bubble, it would have been very had to justify bailing those damned banks out.


#147

Nope. Some sections of Fortis got acquired by BNP Paribas including the Fortis Irish Postbank stake. BNP Paribas and An Post ran Postbank for some time before a decision was made to close the venture. BNP Paribas and An Post made the decision.

AIB and Ulster Bank customers can bank with An Post if they want to do old fashioned cash transactions.

As a taxpayer, I will not be happy if An Post offer a loss making free current account with no cross selling mortgage potential.

It would be a total disaster from a systemic risk perspective if 80-90% of cash was held with one institution.


#148

I thought the mail was a separate business to the post offices. The recent strike by technical subcontractors in the sorting centres shows how the mail business is starting to be carved up. If it goes like elsewhere in Europe only the postoffices will be under government supervision and even then as franchises.

I reckon the ones to watch for expanding services are the credit unions.


#149

Not really. According to EU law the postal market is liberalised but to enter the market you have to guarantee next-day delivery for all post to all addresses in the same country. This is an utterly enormous barrier to entry. No entrant to the national postal delivery market has emerged anywhere in Europe to my knowledge. State-run monopoly suppliers of postal services will be with us for a while yet.

With internal controls like this?


#150

I reckon the ones to watch out for expanding services are Facebook mobile payments, Android Pay, Revolut, Apple Pay, pan European offerings, Square, Paypal, P2P offerings etc. Global online app based banking offerings.


#151

God help us, Paypal regularly lock peoples accounts or worse reverse payments neither do they seem to come under any regulation. And their support is absolutely terrible.

I had a complaint about them 6-7 years ago when they nearly killed my starting business by deciding to sit on money for 6 months, the advice from the Financial Ombudsman was along the lines of
“they are a private company they can do whatever they want… … you are the bigger fool for using them and not a bank… …ring consumer protection commission”


#152

Bank of Ireland ‘turns off’ paper statements for tens of thousands of customers

businesspost.ie/bank-of-irel … customers/


#153

You can now open a German online current account.
boards.ie/vbulletin/showthre … 2057531467


#154

Discussed here: viewtopic.php?f=19&t=37667&start=1230


#155

Interesting. Hopefully others will follow and we get a bit more competition


#156

I look forward to seeing how the bank buildings will be re-tasked; medical centres, superpubs; restuarants, art galleries…although I’ve been looking forward to see how churches will be retasked but the pesky things are pretty tenacious and don’t seem to be falling out of use as quickly as I’d like.


#157

It seems a hostel isn’t an approved repurposing.
connachttribune.ie/hostel-plan-r … -site-229/

Apparently having a disreputable financial institution as a neighbour isn’t a concern when it comes to depreciating the value of neighbouring properties but a tourist hostel is. And having a hostel for budget conscious tourists adjacent to the main coach and railway stations is likely to pose a traffic hazard but customers visiting a bank on the same site would all arrive on foot.


#158

A shock to the local banking system would do wonders for takeup of their service and it would also make the government from thinking about bank balances as a slush fund which they can raid whenever they mess up.


#159

Sweden has declared war on cash - -> businessinsider.com/sweden-h … 15-12?IR=T
Dec. 9, 2015

All hail the dollar


#160

NIRP in Sweden, Denmark and Switzerland has not effected deposits at a retail level bar a tiny number of exceptions. Retail deposits still have a zero lower bound. Institutional and corporate deposits have broken the zero lower bound.

As the WSJ put it …


#161

Losing a little money in negative interest is still better than losing a lot of money buying crap that I don’t want.