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There is a new kid on the financial block. Neobanks are brand new players challenging traditional banking models that have dominated for decades. Defined as digital-only, mobile-first financial institutions, neobanks are disrupting the banking scene with their innovative approaches to financial services.

Understanding Neobanks

Neobanks, challenger banks, or digital banks are financial institutions that operate exclusively online without physical branches. Unlike traditional banks, which rely heavily on brick-and-mortar locations, neobanks leverage technology to offer various financial services, including savings accounts, checking accounts, loans, and investments, all accessible through mobile apps or web platforms.

One of the defining characteristics of neobanks is their focus on providing a seamless and user-friendly banking experience. By eliminating the need for physical branches, neobanks can reduce overhead costs and pass savings to their customers through lower fees and higher interest rates.

Neobanks represent a major shift in banking, offering fully digital services without physical branches. By leveraging technology, neobanks streamline processes, reduce operational costs, and provide a seamless user experience through mobile apps or web platforms. These digital-only banks cater to a tech-savvy audience seeking convenience, accessibility, and transparency in their banking relationships.

Understanding the Neobank Movement: Who’s Who?

The world of digital banking is booming, thanks to neobanks. These online-only banks are making waves by offering services that traditional banks don’t, all without the hassle of physical branches.

Who Are the Big Players?

Revolut (Since 2015): A big name in Europe, Revolut offers everything from currency exchange and crypto trading to stock trading, catering to a wide financial spectrum.

Chime (Since 2013): Popular in the U.S., Chime stands out for ditching fees and giving users early access to their paychecks.

N26 (Based in Germany): With a footprint in Europe and the U.S., N26 delivers a range of user-friendly banking products for today’s consumer.

WeBank is a private Chinese neobank, founded by Tencent, Baiyeyuan, Liye Group, and other companies. Tencent is the single largest shareholder, with an estimated 30 percent ownership share.

Tonik is the first digital-only Neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. It operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas

Each of these neobanks has its own special flavor, targeting different customers with their unique offers.

The Disruptive Force of Neobanks

Neobanks are transforming banking as we know it, and here’s how they’re doing it:

Easy Entry, Big Impact

Neobanks are tearing down traditional banking barriers, making it simpler for new and innovative players to jump into the market. This shift has sparked a wave of competition and fresh ideas, changing the banking landscape for the better.

Putting Customers First

Gone are the days when banks would put profits before people. Neobanks are all about giving their customers what they want: personalized service, easy-to-use platforms, and support anytime, anywhere. This approach is winning hearts and changing minds about what banking should be.

Tech to the Rescue

With the latest in artificial intelligence, machine learning, and secure biometric checks, neobanks offer a banking experience that’s not just smooth but also safe. Imagine opening an account in moments or getting smart money tips from an AI chatbot. Or logging in with just a smile or a fingerprint, saying goodbye to forgotten passwords. Neobanks use these tech tools to make banking more efficient and a lot more user-friendly.

Why It Matters

While traditional banks are often slow to change, weighed down by old systems, neobanks are nimble and quick to embrace new tech and trends. This agility lets them roll out cool new features and keep improving the banking experience, setting new standards for customer happiness and leading the way in innovation.

Navigating the Neobank Wave: A Roadmap for Traditional Banks

The rise of neobanks is shaking up the banking sector, bringing both headaches and opportunities for the old guard:

Keeping Up with Customers

As customers flock to digital banking, traditional banks can’t afford to lag. Adapting to this digital-first mindset means not just following trends but anticipating what customers want next.

The Neobank Challenge

With neobanks offering better deals and slick experiences, traditional banks are in a tough spot. But it’s also a chance to step up their game, rethink pricing, and polish up the customer journey.

Joining Forces

There’s a silver lining, though: partnerships. By teaming up with fintech startups and tech giants, traditional banks can bring in cool tech like mobile payments, automated financial advice, and even blockchain innovations without starting from scratch. It’s a way to stay in the race, combining the agility and fresh ideas of fintechs with the trust, regulatory know-how, and scale of established banks.

Tech Upgrades

Collaborations can also speed up digital transformation, helping banks beef up their tech and offer smoother, more intuitive services across all channels. It’s about making banking as easy and pleasant as scrolling through your favorite app.

The Regulatory Maze

Sure, traditional banks carry a heavier regulatory load, which can slow down innovation. But this challenge is also a strength—deep experience with compliance can be a selling point in a world wary of digital mishaps. The trick is balancing innovation with the need to stay on the right side of the rules.

Traditional banks have a path to not just survive but thrive. It’s about embracing change, finding the right partners, and always keeping the customer at the heart of every decision.

How Neobanks Are Changing Banking Forever

Neobanks are making waves in the banking world, transforming how we think about managing money:

Raising Expectations

Neobanks are setting new standards for what banking should feel like. They’re pushing traditional banks to step up, offering services that are fast, personalized, and available 24/7. This shift is making all banks rethink how they interact with customers, leading to big investments in digital services to keep up with the demand for a sleek, hassle-free banking experience.

Banking Evolves

In response to the neobank challenge, old-school banks are getting a digital makeover. They’re not just about branches and paperwork anymore; they’re moving online and to mobile apps, making everything from opening an account to customer service smoother and more engaging. It’s all about meeting customers where they are, with services tailored just for them.

A Global Shake-Up

The neobank revolution isn’t just a local affair—it’s happening worldwide. In places like the US and Europe, neobanks are giving the traditional giants a run for their money with their innovative approaches. Meanwhile, in parts of Asia and Africa, they’re opening up banking to people who’ve never had access before, changing lives and economies.

Banking Without Borders

Neobanks are leading the charge in bringing banking to the unbanked. They use digital technology to reach people in remote areas or those who’ve been left out of the traditional banking system. This means offering basic banking services through mobile apps, making it easier for everyone to save, send, and spend money without needing a brick-and-mortar bank.

For instance, in places like Indonesia and the Philippines, where many people don’t use traditional banks, neobanks are a game-changer. They’re using mobile tech to provide essential services like savings accounts and remittances. And in India, they’re even helping people without a credit history get loans by using alternative data for credit assessments.

The Big Picture

Neobanks are not just new players in the banking field; they’re pioneers making financial services more inclusive and accessible. By harnessing the power of technology and innovative thinking, they’re breaking down the barriers that have kept people from fully participating in the financial system. This is a major step forward in making sure everyone, no matter where they live or what their background is, has the opportunity to manage their money effectively and pursue financial stability.

Winning Strategies for Banks in the Digital Age

In the new era of neobanks, traditional banks need a game plan that focuses on tech-savvy solutions, outstanding customer service, and a willingness to evolve:

Go Digital or Go Home

It’s time for traditional banks to fully embrace the digital revolution. This means more than just a website overhaul; it involves modernizing from the inside out. Upgrading old systems, moving to the cloud, and using data analytics to understand what customers really want are key steps. It’s about making banking as easy as checking your phone.

Innovate and Adapt

Staying relevant means staying agile. Banks should cultivate a culture where new ideas flourish, teams work together seamlessly, and innovation leads the way. It’s about being quick to try new things and adapt to what customers are looking for, whether that’s new products or better ways to bank.

Make Customer Experience King

Customers expect banking to be easy, personalized, and available anytime, anywhere. Investing in sleek design, smart recommendations, and smooth digital experiences across all devices is crucial. Banks that stand out will be those that make their customers feel valued and understood.

Forge the Right Partnerships

Teaming up with the right partners can supercharge a bank’s digital journey. This could mean working with fintech startups for their cutting-edge tech and fresh perspectives, or tech giants for their powerful platforms and tools. These collaborations can help banks expand their services, improve security, and offer something truly unique to their customers.

For instance, partnering with a fintech brand could bring new AI-driven insights into customer spending habits or blockchain solutions for safer transactions. Teaming up with big tech companies like Amazon or Microsoft could revamp a bank’s infrastructure, making it more flexible and scalable.

Don’t overlook potential alliances outside the traditional banking sphere, either. Joining forces with e-commerce sites, telecom companies, or retail chains could open up new avenues for reaching customers and offering combined services that meet a wider range of needs.

The key to thriving in the digital banking era is a blend of embracing technology, focusing on customer needs, and being open to collaboration. By doing so, traditional banks can navigate the challenges posed by neobanks and carve out a successful path forward.

Banking’s Next Chapter: Blending or Branching Out?

In the banking world, fueled by the rise of sleek, tech-driven neobanks, the big question is: What’s next?

Here are a few ways the future could unfold:

Merging Paths

Imagine a future where the old meets the new. Traditional banks might start thinking and acting more like their digital-first rivals, blending the boundaries between the classic branch experience and the convenience of digital banking. This could see big, established banks using their vast resources and customer trust to stay in the game, combining their strengths with the agility and innovation of neobanks.

Choosing Different Lanes

Or, we might see the banking world split into distinct lanes. Traditional banks could double down on serving those who value face-to-face service and personalized advice, while neobanks keep focusing on digital-savvy folks who want their banking fast, flexible, and online. This scenario would reshape the banking landscape into specialized niches, each serving different customer needs and preferences.

Hybrid Horizons

Then there’s the middle road—a hybrid model that picks and mixes the best bits of both worlds. Traditional banks might team up with fintech startups or spin-off digital-only branches to capture the hearts (and wallets) of those who crave innovative banking solutions but still appreciate the security and familiarity of established banks.

Imagine a traditional bank launching a digital platform that feels as nimble and user-friendly as any neobank app, offering instant account setup, smart money tips, and tools that make saving a breeze—all while keeping the personal touch and expertise that customers have come to trust.

By collaborating with fintech wizards, traditional banks could supercharge their tech game, bringing in smart algorithms, blockchain security, and more to make banking safer and more insightful and tailored to individual needs.

The Big Picture

Whether it’s blending together, branching out into distinct segments, or building bridges between the old and the new, the future of banking is anything but boring. Hybrid models, in particular, offer a promising path forward, letting traditional banks reinvent themselves for the digital age without losing their identity. As the landscape evolves, the winners will be those who listen to their customers and are brave enough to adapt, innovate, and maybe even disrupt themselves.

Southeast Asia has emerged as a global frontrunner in fintech adoption, setting the stage for a transformative shift in the region’s financial services.

The trend can be attributed to various factors, including a sizable, tech-savvy population, burgeoning e-commerce and digital payments ecosystems, widespread mobile internet connectivity, and proactive government support. These elements have propelled Southeast Asia into one of the fastest-growing fintech markets globally, heralding a new era of innovation and opportunity.

The potential of Southeast Asia’s fintech sector is underscored by the rise of fintech “unicorns,” which rank among the world’s most well-funded digital startups.

The region’s fintech industry is projected to generate over $38 billion in annual revenue by 2025, a staggering increase from the $11 billion recorded in 2019.

Fintech Revolution: Southeast Asia’s Leap Toward Financial Empowerment and Innovation

The fintech scene in Southeast Asia is booming like never before, with investments pouring in at record levels. This region is now a hub for financial innovation, especially in digital payments and lending.

While tech firms worldwide face a funding drought, Southeast Asia’s fintech stars are shining bright, pulling in big bucks thanks to their unique approach to finance. A whopping 70% of the region’s population doesn’t use traditional banks much, if at all. This includes a vast number of informal workers. Traditional banks haven’t really met their needs, but fintech is changing the game by offering services designed just for them.

Think mobile money and community-based savings schemes—these have been lifelines for the unbanked. Now, fintech is taking these ideas digital, opening up new avenues for financial services that were previously out of reach.

The digital payment revolution, led by e-wallets, makes cashless transactions the norm here. With almost everyone using smartphones, e-wallets are the go-to for shopping and paying bills. Local fintech companies, knowing the ins and outs of their markets, are leading the charge, leaving global giants playing catch-up.

E-commerce is also getting in on the fintech action. Giants like Shopee and Lazada are not just places to shop; they’re also becoming fintech platforms, offering digital wallets and loans. This blend of shopping and fintech is creating exciting new opportunities for growth and innovation.

Looking forward, the aim is to go beyond borders. With plans to make payments seamless across countries and to bring more small businesses into the fold with digital loans, the future is bright. Sure, there are hurdles like making the numbers work and navigating regulations, but the fintech wave in Southeast Asia is just getting started. It’s all about using tech to bring financial services to everyone, change lives, and empower the region like never before.

Key Trends Shaping the Southeast Asian Fintech Ecosystem

SuperApp Domination in E-Commerce

Digital ecosystems, epitomized by integrated mega apps such as Grab, Gojek, and Lazada, are becoming ubiquitous in Southeast Asia. These super apps offer a one-stop solution for many services, including payments, transportation, and shopping. Fintech integration within these platforms facilitates seamless payment processing and the rollout of digital wallets, expanding financial inclusion and driving the growth of the digital economy.

Cashless Transactions Surge

Governments across Southeast Asia are spearheading initiatives to modernize payment infrastructure and promote digital payment adoption. Nearly 90% of consumers in the region actively engage in digital banking, signaling a significant shift towards cashless transactions. The burgeoning e-commerce market is projected to exceed 3 billion users by 2025, further driving the digital payments revolution.

Favorable Government Policies

Southeast Asian governments have traditionally adopted a supportive regulatory stance toward fintech, fostering a conducive environment for industry growth. However, the exponential expansion of the fintech sector has prompted calls for increased regulatory oversight to ensure market stability and consumer protection. Regulatory sandboxes have been instrumental in fostering innovation, but regulators are now faced with balancing promoting innovation and safeguarding against potential risks.

Fintech Goes Green

With the escalating demand for sustainable finance and responsible investing, environmental, social, and governance (ESG) considerations are gaining prominence in Southeast Asia. Governments champion sustainability initiatives, while financial regulators implement frameworks to support green finance.

Singapore, in particular, has emerged as a leading hub for green finance, spearheading initiatives to promote ESG disclosure and incentivize green fintech projects.

Tech-Driven Fintech Transformation

The region’s fintech landscape is being reshaped by IoT, artificial intelligence, machine learning, and augmented reality technologies. These innovations are driving the proliferation of smart devices, enhancing data analytics capabilities, and revolutionizing user interfaces. As digital connectivity improves, these technologies are poised to fuel further innovation and redefine the fintech paradigm in Southeast Asia.

Southeast Asia Witnesses a Striking 3588% Surge in Fintech Ventures Since 2000: RoboCash Group Report.

A recent analysis by Robocash Group titled the ‘State of SEA Fintech 2022 Report’ unveils a remarkable surge in the number of fintech enterprises operating in payments, alternative lending, e-wallets, and digital banking sectors across Southeast Asia, witnessing a staggering growth of 3588% since 2000.

Conducted to comprehend the evolution of fintech in emerging Southeast Asian nations, the study delved into countries such as India, Indonesia, Singapore, the Philippines, Vietnam, Malaysia, Bangladesh, Pakistan, and Sri Lanka.

Among these nations, India boasts the largest fintech firms, housing 541 enterprises, constituting 43.1% of the region’s fintech landscape.

Following India, Indonesia ranks second with 165 fintech entities (13.2%), trailed by Singapore with 162 (12.9%), the Philippines with 125 (10%), Malaysia with 84 (6.7%), Vietnam with 78 (6.2%), Pakistan with 51 (4.1%), Sri Lanka with 27 (2.2%), and Bangladesh with 21 (1.7%).

The Southeast Asian Fintech Revolution: Unleashing Innovation and Inclusion

Fintech in Southeast Asia is transforming how people bank, shop, and do business, thanks to a perfect storm of tech-savvy consumers, e-commerce booms, and smartphones everywhere. Before we even heard of COVID-19, fintech was on the rise in the region. But the pandemic? That was the spark that lit the fire, bringing 60 million new users into the digital finance fold.

The ASEAN region is now a hotbed of fintech creativity, touching everything from online payments to insurtech. With the world watching, it’s knitting closer ties with places like Australia to push the boundaries of what fintech can do.

For those who’ve felt left out by traditional banks, fintech’s rise is a beacon of hope. Imagine getting loans or sending money without setting foot in a bank. That’s the promise of decentralized finance, with cryptocurrencies lighting the way for those on the fringes of the financial system.

This could be fintech’s golden era in Southeast Asia, where the landscape is as diverse as its countries. From Singapore’s digital banking breakthroughs to Indonesia’s booming digital payments scene, there’s innovation at every turn. Take Xendit, Indonesia’s own fintech unicorn, making waves with its payment solutions for the digital age.

The real game-changer? Fintech’s power to bring financial services to everyone, everywhere. It’s more than just tech—it’s about leveling the playing field, opening doors for small businesses, and empowering communities with tools for digital literacy.

What’s next is as exciting as it is crucial: diving deeper into how fintech can reshape economies, from rural villages to bustling cities. It’s about collaboration—across borders, sectors, and societies—to ensure this fintech wave lifts all boats, making financial inclusion not just a goal but a reality.

As we stand on the brink of a fintech revolution, it’s clear that Southeast Asia isn’t just participating; it’s leading the charge toward a future where financial empowerment and innovation go hand in hand. The journey is just beginning, and the possibilities are endless.

The economic impact of the COVID-19 pandemic in various markets has been undeniable. Some sectors like travel and hospitality have been hard-hit, while physical retail has suffered badly too due to social distancing and lockdown measures. Workers in these industries are affected as well, with their livelihoods threatened by uncertainty and instability. Within this context, money worries are certainly in the minds of many, as they struggle to make ends meet.

Even amongst the fortunate who still have their jobs, it is likely that they would have been impacted as well, albeit at a different level. Without having to worry about the ‘now’, they would be thinking about the ‘next’ and the ‘near future’. Economic downturns are not new, but one caused by a global virus outbreak is a little harder to manage and predict. As such, the more financially-minded consumer will have to start to think about what their investment portfolios should really comprise, how they can be economically-sheltered from the next disaster, and what kinds of financial planning will allow them to not just weather the storm, but also thrive in the long run.

So what should retail banks, financial institutions and fintech entities prioritize, as the pandemic improves? What role do these organizations need to play in their customers’ lives, and on what kinds of principles do their strategies need to be based? We explore 3 key areas: consumer spending patterns, investing and cash, sharing our thoughts by examining what is likely to change in the post-COVID world, and what will remain the same.

Consumer Spending Patterns: Between Saving and Spending

Short term changes

Within Asia, two markets that recently relaxed their lockdown situations were China and South Korea. In both cases, there were instances of what is now an increasing familiar term in post-COVID coverage: ‘revenge spending’. The Hermes flagship store in Guangzhou saw its biggest single-day earning ever, when millions of Yuan were spent by previously cooped-up shoppers on luxury items. While in Thailand, which recently lifted the ban on alcohol sales at retail level, saw unprecedented levels of consumers binge-buying wines, beers, and spirits.

Regardless of the market and product category, one thing is common: perceived scarcity will motivate consumers to spend disproportionately in the short term. This also illustrates how the fundamental principles of behavioral economics and the multitude states of cognitive biases (too many to name here) are once again proven true.

Long term trends

In the longer term though, what are we to make of consumer spending and saving mindsets, in turn motivating actions/behaviors, which will be meaningful for financial entities to action on?

We see two likely scenarios, each combining a certain degree of emotional and rational assessment of how individuals see their ‘now’ and ‘(near) future’:

Excessive fear and over-reaction to the economic fall-out of the pandemic and feeling the extreme need to be more assured/confident of their financial states, leading to reduced spending/motivation to seek out additional/side income
Resignation and coming-to-terms with their helplessness when it comes to managing their finances (i.e. surrendering to the insurmountable force of macroeconomic changes), and maintaining the status quo, feeling good about creating/maintaining their sense of ‘normal’

There will certainly be many shades between these two extremes, just as there will also be minorities falling outside of these as well (e.g. increased spending/acquiring material goods to achieve the sense of security), but what’s certain is that financial institutes will have to play the role of showing the path to fruitful savings and meaningful spending, without leaning too far into one side or the other. An established bank that has a reputation for best-in-class credit cards in consumers’ minds may take the opportunity to come up with a savings product that validates a consumer’s side hustle, while a fintech that’s trying to break into the travel space may have to use this chance to re-think what their value-proposition really is to consumers who have to temporarily shelve their wanderlust.

Underlying all these, of course, is the presumption that the entity has a ‘trust bank’ upon which to draw notions of credibility and capability; all the money in the world thrown behind a huge messaging campaign in the post-COVID world will not help, if that trust was not already there in the consumers’ pre-COVID reality.

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Investing: Between Risks and Returns

Short term changes

In the pre-COVID days, any sort of consumer research on investment products/journeys/choice and preference of investment instruments, often boils down to 3 main points:

How clearly the product information is introduced, and how much of its mechanism is understood
How well the investor can conceptualize the product for himself/herself, and how he/she imagines it within his/her portfolio
How he/she feels about it on the overall level

This combination of rational considerations and emotional reassurances will likely not change dramatically in the ‘new normal’, but there is the need to acknowledge the likelihood of investors perceiving the market to be more VUCA (i.e. volatile, uncertain, complex, ambiguous), thus leading them to re-assess whether it’s the ‘right time’ to be investing in the first place.

Based on past economic downturns, alternative investment instruments (e.g. art, whisky, coveted luxury brand handbags, etc.) have also started to become more commonplace and offer investors another way to grow their money. However, the mechanisms of such tools are often not clear, and usually complement a portfolio that’s still predominantly stocks/shares driven. Insurance-based products are also believed to be a likely winner in the world of money management; as consumers become more risk-averse, bonds and capital-guaranteed products are logically seen to be aligned with immediate appetites.

Long term trends

All that said, though, it is still necessary to highlight that very few investors carry out investments purely motivated by fear of losing; the savvy ones are aware of the notion of calculated risks, and the really experienced ones within that small bunch of savvy investors also know that ultimately the global market is very much sentiment-driven (read: emotions, cue behavioral economic principles again). This highlights the importance of ‘confidence’ and decision-making based on knowing all the ‘facts’ available at a specific point in time, which is actually the fundamental strategy applied by many governments around the world which have successfully contained the pandemic in their respective countries.

Therefore, in the post-COVID world, we feel retail entities that will do well with investors are those that understand how to pull the ‘clarity’ lever, showing their workings around how they feel a product/tool will help the investor achieve their wealth goals, while acknowledging the presence of VUCA factors and understanding what kinds of emotions can arise from investing in a global economy that’s still ‘finding its feet’.

Consumer perceptions of cash: is it still “king’?

Short term changes

Even before the onset of the pandemic, it is becoming increasingly clear that many markets globally are moving towards implementing cashless systems, or at least encouraging consumers to rely less on cash. Though not all executions were done well (e.g. India’s sudden and forceful removal of certain currencies from the market create a financial nightmare amongst consumers which took many months of correcting), the movement is at least gaining momentum, and acceptance appears to be higher in markets which are traditionally cash-focused

Covid-19 containment measures have basically forced upon various societies the need to pay for items in a cashless way; the removal of physical retail to adhere to safe distancing measures meant that opportunities to use physical cash have reduced dramatically, while paying for online purchases tends to be electronic in nearly all cases (save for cash-on-delivery options). Not having to handle cash within current context also means reduced chances of infection through virus transference on surfaces, so it appears to have multiple advantages that’s aligned with the ‘sign of the times’

What this means, though, is while the transition is quite smooth for the cashless consumer, the cash-minded one will likely have to think about how that impacts other parts of their financial realities. Money management and tracking, for one, will likely need to take new forms if cash spending is slowly being phased out from their daily lives. Another area which will likely see some change is in digital payment security: with increased volumes of payment, it will be naïve to assume that similar online safety mechanisms will suffice. To prevent any backlash that can potentially happen due to insecure cashless payment systems, it is an area within the financial industry that needs immediate attention, such that consumer confidence in the system may be sustained

Long term trends

However, we must not confuse “accelerated pace of change” with consumers loving the new ‘state of play’ for cashless; we are of the opinion that consumer sentiments towards the ‘meaning’ of cash (e.g. freedom/fluidity, security, options, empowerment, tangibility, etc.) may in fact deepen in the post-pandemic world, due to perceived uncertainties and insecurities (as we have mentioned above). What this then means is that the notion of ‘cashless’ may either need to be strengthened such that it goes beyond attributes like ‘convenience’ and ‘ease’, or relegated to specific consumption scenarios that may not need to be as ‘meaningful’ as cash

This has important implications for the numerous fintech institutions globally that are trying to ride on the wave of new financial attitudes in the ‘new normal’; whatever solutions they’re proposing (e.g. payments, investments, money management, etc.) will likely be based on a cashless model, so on top of proving the validity of their use cases, the fundamental value that going cashless needs to be just as apparent. Only then can it achieve both resonance and acceptance amongst consumers, as they navigate their financial world and arrive at their own conclusions on what they will relegate to the cash ‘world’, and what they will gladly make ‘cashless’.