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"Cash is still the most liquid form of payment" - Dr John Morris comments on NatWest's online banking problems

Technical problems have left RBS and Nat West customers unable to access their accounts by online or mobile banking today. Dr John Morris, Teaching Fellow in International Political Economy in the Department of Politics and International Studies, comments:

"Online banking has enabled many people in more affluent parts of the world to manage their everyday spending in a convenient way. Consumers have more or less accepted that such easy financial lifestyles, where payments can be made at the press of a button are worth the security risk of payment fraud.

"However, these consumers are seemingly less tolerant of the failure of online infrastructures which may lead to penalty charges on unpaid bills and even affect credit ratings.

"What the Natwest case, alongside the prolonged IT issues of TSB have revealed, is the chink in the armour of moves towards a cashless society where all financial activities are carried out digitally. Cash is still the most liquid form of payment."

21 September 2018

 

 

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