How we bank and pay for goods is changing. The use of paper notes is dwindling. The pandemic undoubtedly accelerated this shift, with many of those still clinging onto paper notes finally making the switch to contactless payments.
However, it is the increasingly sophisticated counterfeit methods used by criminals that has ultimately put an end to paper notes.
Three of Scotland’s biggest banking groups, Bank of Scotland, Clydesdale and Royal Bank of Scotland, have announced that paper £20 and £50 bank notes are set to be phased out by September 30th. In their place, new polymer bank notes will be introduced throughout the UK, making it harder for thieves to counterfeit the notes.
With Scots being urged to ‘cash in’ before the tender is no longer legal, now is the time to check old pockets and down the back of the sofa for old notes before time runs out.
Alongside the new notes, another major shift is where we bank. A local bank was once ubiquitous on high streets across Scotland; however, these are becoming increasingly rare as customers move to online banking.
It has been a hot topic in Scotland over the past week, with big banks such as RBS, Bank of Scotland, HSBC, and Barclays cumulatively planning to close more than 90 local branches throughout Scotland by the end of the month.
While it’s easy to say that we should all just go online, when there isn’t that option, you can be caught between a rock and a hard place. But this leads to the question, and one that is quite prevalent in Scotland due to our aging population, what do those who don’t have access to the internet, a smartphone or a computer do? This is a particular issue in Aberdeenshire, where pensioners are having to queue in the streets for hours as mobile bank vans aren’t showing up or are delayed.
For many older people in the country, getting out to the bank might be their only interaction for the day, and with the closing of branches and bank vans not turning up, I fear this could lead to a further increase in loneliness amongst our older generation.
However, when looking at it from a business perspective, it makes more sense to do banking online. Payments to suppliers can be made almost instantaneously, and the ease of speaking to someone via a chat service on an app is so much easier than having to make an appointment weeks in advance when it can be done quickly with the tap of a button.
Interestingly, customer service for online banks come out on top too. New data from the Competitions and Markets Authority suggests that over 80 per cent of those who have a personal bank account have one with an online bank, with the likes of Monzo and Starling coming out on top. Many respondents also said that they are more likely to recommend these banks to their friends and family.
Looking at the outcome of the data from the CMA, something which may surprise many is the traditional high street banks we’ve known for so long are coming out at the bottom of the pile. Just 46 per cent of those who took part said that they would recommend RBS to friends and family, whilst online only Starling Bank comes out on top with over 80 per cent voting in its favour.
It is sad to see these banking giants lagging when it comes to customer service. New challenger banks have ensured their operations are slick, which has worked to entice customers to bank with them.
In my opinion, it would make more sense for high street banks to invest the time and money into training tellers and staff on the ground on how to deliver better services to existing customers, lest lose them to online banks like Monzo, Starling and Revolut.
It’s clear to see that banking is moving online, and so too are many customers. However, there is still a place for face-to-face banking, which are vital to customers across Scotland unable to access the new app-based challenger banks. Let’s hope a happy medium can be found that suits all of us. After all, it has never been more important to get our savings in order.
Whisky Review Leaves Industry on the Rocks
We are at a time when previously successful Scottish businesses are at crisis point. Brexit is having a hugely detrimental impact on our salmon industry due to labour shortages – and now the politicians want to come for Scotland’s other major food and beverage industry, whisky.
The Scottish Greens have called for a crackdown on the way Scotland’s national drink is produced, with politicians claiming the processes involved could be harmful for both the environment and public health.
The party, who have a power-sharing agreement with the SNP at Holyrood, say the so-called ‘angel’s share’, the two per cent of each cask which evaporates during the maturation process, constitutes harmful emissions.
The Scottish Government will now fund a review of the harms caused by “non-methane volatile organic compounds” which happen during malt whisky cask maturation.
Researchers have been asked to suggest possible “mitigation strategies” for “controlling” whisky-related emissions.
This has led to significant backlash from the industry. A spokesman from the powerful Scotch Whisky Association said loss of spirit is: “a natural part of the whisky-making process,” adding that the Scottish Government has previously stated the vapours created during whisky maturation are not harmful to health or the environment due to: “rapid dispersal.”
Our whisky is iconic and recognised around the world, so this is damning news for the dram. There are 100 firms responsible for over 70 per cent of global emissions according to the Carbon Majors Report.
The one hundred offenders are all involved in energy manufacture from fossil fuel. The Greens coming for the angel’s share reminds me of the old phrase: “fiddling while Rome burns” and will only damage Scottish business interests further at this critical time.
It Made Me Laugh
Raoul Returns: Iron Brew Gets a Cheeky Update
Yoo-hoo ladies! Raoul makes his return to Scottish ad land. Raoul, played by actor Gary Naidoo, will be best remembered for playing a schmoozy bouncing lifeguard in his infamous ‘budgie smugglers’ in a classic Irn-Bru ad from 17 years ago.
Now, Scottish sour beer specialists, Vault City Brewing, has signed up Scotland’s favourite Latin lothario to launch its new Iron Brew Xtra flavoured beer. The tongue-in-cheek clip shows South African actor Naidoo being reunited with a new pair of form fitting swimwear as he chats with the beer brand’s founders.
The brewer’s latest beer follows the hugely successful release of their Iron Brew flavoured beer in January, which sold more than 10,000 cans in less than 24 hours as bars across the UK stocked up for Burns Night celebrations.
It Made Me Weep
Farewell to Edinburgh Zoo’s Feathered Elder
A trip to Edinburgh Zoo to see the penguin march is a fond childhood memory for many. 100 penguins live at the enclosure in Corstorphine, drawing smiling visitors through the gates daily.
Unfortunately, the zoo’s oldest penguin, 35-year-old Mrs Wolowitz, passed away last week after calling the enclosure home since she was hatched. Keepers say the zoo’s breeding program helps endangered species like Northern Rockhopper penguins.
Zookeepers revealed on social media that a fox had made its way into the penguin pen and killed the flightless matriarch who held the title for the UK’s oldest living penguin. The bird was double her life expectancy and had lived in the zoo since birth.
Edinburgh Zoo has the UK’s largest outdoor penguin pool and has become one of the most popular attractions at one of Scotland’s most famous tourist destinations.
