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Re: regulations?
Absolutely, Security is a never ending concern and any average consumer has that concern at the back of the mind. There are humongous efforts put in place to have bunch of interesting security models in place. But we are not quiet there yet. Because we keep encountering about security hack incidents at the same degree. Hopefully we will mature to a level where consumer can gain confidence.
Ariella
4/25/2016 5:15:13 PM
User Rank Author
Re: regulations?
@dcawrey It could get a bit complicated with banking regulations. I know that a certain percentage has to be literally on hand, though most of the money is not. The bank really makes its profit on lending out, so it is not to its benefit to have the money of depositers just sitting there. But the digitization of money is a trend that is defnitely getting stronger and one that rasies questions about how we define currency in our current age. Would we even need fiat currency in the future?
dcawrey
4/25/2016 12:41:40 PM
User Rank Platinum
Re: regulations?
We're definitely going to see more banking and telecom partnerships in the future. The idea of the tranditional bank with branches doesn't make sense in the era of the smartphone. That being said, I am a bit concerned about security issues. There'a s reason why banks traditionally store cash in vaults. What happens when the "digital" vaults that people have on their phones are hacked?
Interesting
Bundling telecom and banking services could represent a further evolution of the "multi-play" model and attract interest from consumers keen to get more services from a single provider.
Pretty interesting move by both companies. I could recall reading about this plan couple months ago here at Telco forum and I believe that time it was a plan which was in progressive thought mode. Ceratinly there could be lot of complaince / regulations related challenges along the way. But as i am hearing from other posts Europe may not be as challenging as it is in Americas.
Ariella
4/24/2016 9:24:27 PM
User Rank Author
Re: regulations?
Very illuminating @JohnBArnes. Thanks for the explanation.
JohnBarnes
4/23/2016 1:21:53 PM
User Rank Platinum
Re: regulations?
Old joke, told in France every time the Socialists do well in the polls leading up to an election:
A little old lady in the 16th Arondissement (the hereditary rich people zone of Paris ...) comes into her bank and asks to withdraw all her money.
The bank manager asks her why.
"Because if [current socialist candidate] gets in, he'll nationalize this bank!"
"Madam, this bank was nationalized at the end of World War II."
§
The moral of sorts being, Europeans have not historically thought of drawing lines and creating conflicts of interest in the way Americans have. Antitrust in Europe is simply a matter of keeping any private entity from being large enough to oppose the state, some occasional protectionist measures, and avoiding a few clear-cut opportunities for collusion against the public (e.g. situations where a firm has a monopoly on a service and a monopoly on fixing the results of bad service). Something like this, phffft. Vertical breakups that are common in the US for communications technologies -- not just the AT&T one thirty years ago, but forced divestment of broadcast stations from networks a generation before that, and going back to not allowing movie companies to own distribution systems or theaters -- are rare to unknown in European economic history. Why bust up an efficient delivery system?
clrmoney
4/22/2016 3:31:09 PM
User Rank Platinum
Orange Bank
I think this is great that Orange bank is offering mobile services to be specifically used for that because banks offers other services etc.
Ariella
4/22/2016 9:59:31 AM
User Rank Author
regulations?
Does the EU not have any regulations that could get in the way of this deal?
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