Despite several opportunities, banks face pressure from both external and internal forces that hinder full-scale digitalization. The complexity and width of digital initiatives vary upon infrastructure, customer preferences and policy framework of the region.
As ATMs have become ubiquitous, so too have attacks that turn these automated tellers into robotic thieves. In July 2016, a group of masked cyber-criminals cashed out 34 ATMs operated by the First Commercial Bank, one of Taiwan’s largest banks. Criminals had collected more than 83.27 million New Taiwan dollars (US$2.6 million) in cash — without using ATM cards. The criminals did not physically damage the ATMs, nor did they use skimmers or bank cards.
On the evening of November 8, Prime Minister Narendra Modi demonetised all 500 and 1000 rupee notes with immediate effect. All Banks and ATMs were closed on November 9 to make necessary arrangements. ATMs reopened today and are only dispensing notes worth 2000 rupees.
The world’s oldest paycheck has apparently been discovered and it was cashed in beer! Beer is one of the world’s oldest prepared beverages, possibly dating back to the early Neolithic or 9500 BC, when cereal was first farmed and is recorded in the written history of ancient Iraq and ancient Egypt.