April 29, 2021,
Australian Securities & Investment Commission
To whom it may concern,
I am writing to you about the importance of the preservation of physical Banking & Customer service. The use of physical interaction in banking has been the most common form of financial transaction for thousands of years. Financial institutions deal with money, and money is usually defined by the three roles it plays in the economy, these are as follows:
• Store of value: this refers to anything that allows you to defer consumption until a later date.
• Unit of account: meaning that it allows you to assign value to something without needing to compare them.
• Medium of exchange: it offers a way for people to exchange goods easily and effectively.
Our society runs on money, it is a widely accepted fact that we rely on it to function. It is also true that our society is progressing faster than ever before to the point where even credit cards are starting to become irrelevant in lieu of a simple tap of the phone. But what happens if there are system crashes? If your phone battery dies? If you lose your credit card? Suddenly you are unable to purchase anything, you cannot go out to most public places as, for the most part, these all require some sort of transaction.
We also have an ageing society that is not tech savvy, and they cannot negotiate their way around society without being able to visit their local bank branch. Besides this, we have so many young people who rely on these jobs. If we make these roles redundant, it would be catastrophic for the younger demographic as well.
I hope that you will consider this letter and make informed decisions for the future of our society.