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The Future of Cash – Beyond Corona Part III – Key Take-aways

Categories : Innovation contributes to the efficiency of cash, Uncategorized
July 6, 2020
Published in : CashTech, Future of Cash, Futures Literacy, Webinar
During the third and final webinar, our panel combining industry experts and futurists, designed a desirable future for cash and discussed the roadmap to make it happen. Our next Webinar ‘Is CashTech the Future of Cash’ will look at how new entrants can leverage technology to disrupt the cash cycle.
Guillaume Lepecq

Chair, CashEssentials

LET’S BECOME FUTURE LITERATE

According to UNESCO, “Futures literacy is a capability. It is the skill that allows people to better understand the role that the future plays in what they see and do. People can become more skilled at ‘using-the-future’, more ‘futures literate’, because of two facts: One is that the future does not yet exist, it can only be imagined. Two is that humans have the ability to imagine. As a result, humans are able to learn to imagine the future for different reasons and in different ways. Thereby becoming more ‘futures literate’.”

During the first webinar, the group drafted a Futures Table, a tool to support imagining radical futures and exploring the largest uncertainties. It offers a precisely defined framework about the future.

 

Futures Table

THREE RADICAL SCENARIOS

In the second Webinar, the panel designed three scenarios for the future. These scenarios are not forecasts nor do they reflect the panel’s preferences; but they are plausible and polarised to allow meaningful alternative development directions. For each scenario, the panel discussed the monetary ecosystems, payments and cash landscapes.

 

During the third and final webinar, our panel imagined a desirable future for cash. The experts were invited to highlight the preferred values for each of the variables in the future Table. Each expert was given a colour but two experts picked exact matching scenarios in yellow. The third used red. The orange boxes represent the common choices between the red and yellow. In summary, the orange boxes represent the consensus between our three experts and the yellow and red are areas of divergence.

 

Future of Cash

In the second part of the webinar, the experts discussed what actions and what policy decisions were required today to ensure that the scenario becomes a reality. The actions discussed can be grouped in 4 key areas:

CashTech: when cash meets Fintech

CashEssentials will be holding a new webinar on 8 July 2020, entitled ‘Is CashTech the Future of Cash?’. We will discuss how new players can impact the cash cycle. Will they challenge traditional players, or will they partner with them to improve the cash distribution network? Will they compete with existing branches and ATMs or will they offer an alternative channel Can they disrupt the trend towards increasing use of digital payments? Or can they turn cash into a digital payment? Can they establish a new cash lifestyle?

Register for the CashTech webinar here.

To review ‘The Future of Cash – Beyond Corona – Part I’ Click here.

To view the recording of ‘The Future of Cash – Beyond Corona – Part II’ Click here.

To view the recording of the The Future of Cash – Beyond Corona – Part III’ Click here

 

 

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