Diebold Nixdorf’s Simon Powley on the integration of physical currency and digital tools
- Cash use has significantly dropped during the crisis but there are still concerns around fairness in a digital society.
- Integrating physical currency and digital tools is an important role of banks now and into the foreseeable future.
As we’ve discussed many times on the podcast, the pandemic has accelerated a lot of digital trends that were already underway before COVID-19 hit. There’s been a big push away from cash and towards contactless but major US cities are pushing back on cashless retailers. So, where will all this lead?
Diebold Nixdorf’s Simon Powley, head of global banking advisory services, joins me on the podcast to discuss integrating physical currency and digital tools. Drilling down, we look at the durability of cash and ATMs as a banking channel. Powley shares insights from his work with major banking institutions around the US about the future of cash and banking, in general.
What bankers are feeling right now
From a kind of a macro level, there’s uncertainty. I think the good news is even for generational bankers, we’ve been through hardships before with the Great Recession in 07 and 08. So, there’s what my mom always described to me as ‘a little bit of muscle’ built up there in terms of being able to react and understand the environment.
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