Commercial banks are financial institutions that provide a variety of services which include but are not limited to savings options, making cheques, etc. to people within a country. Central banks have control over the production and distribution of money for a nation.
So, banking institutions exist to serve citizens in a nation. St. Luke 19: 23 offers, “ Why didn’t you deposit my money in the bank? At least I could have gotten some interest on it” ( NLT).
This statement by the master in the Parable suggests that banks are considered a safe place to leave one’s money, serving in the best interest of a people.
Safe or Unsafe
Once, our money used to be placed in a safe or a vault in the bank. This would ensure that it is safe. However, just a little over 23 years ago, the first online banking was launched. Now, such a banking system is global. It has carried advantages and disadvantages.
However, in this global season, more than ever, there is an agenda to go cashless leading to online banking only.
Can one bank on this system? Will it be safe? What will happen to the jobs of thousands of bank workers? Who would control digital currency in an online banking -only system? Will the currency be traceable?
While this system of banking only online is convenient for some people some of the time. One cannot bank on it being convenient to all citizens all the time. Citizens should not bank on its security or its wisdom.
Such a system may eliminate getting side jobs and the full utilization of one’s gifts and talents.
Going online only may present a number of other challenges. One such challenge is to take one’s hard earned money from the safe to the unsafe zone of cyberspace. Certainly, one’s money will no longer be in the safe (vault). Thus, it will no longer be safe. It will become unsafe or out of the safe. Certainly, it will be thrust in a space where anyone may steal, garble or erase it.
Admittedly, with the advent of banking online, there have been more cybercrimes, mismanagement and improper use of funds etc.
By now, you would have picked up the number of intended puns in this editorial
piece. Admittedly, this piece aims primarily to inform, to motivate critical thinking and to help you, the reader to draw your own conclusion that will lead to your decision about being a part of a system that only do online banking.
It is to encourage your prayer for fair and varied options to banking.
Present Banking Options
Security and identity theft concerns, technology and service interruption and lack of personal banker relationship are three of many reasons that banking online only may be dangerous. Pensioners and elders cannot bank on its reliabilty and safety.
Banking options must remain.
Having cash has to be a viable option.
With reduced use of motor skills, limited technical skills and in some cases, access, one should ensure that options remain for the elderly, the unbanked and the underbanked.
Unbanked and Underbanked
If put in motion, one wonders what will happen to citizens mainly from developing economies, who rely on financial services such as money orders and the cashing of cheques. How should the underbanked fund their purchases and manage their finances?
Why is there a hurry to get the world only to do online banking only? What was John seeing from the Isle of Patmos? Did he see that no one could buy or sell unless he/ she is also locked in an online system?
This mystery to many of us may be unfolding right before our eyes. This much we can bank on.
Bank on These
We can bank on the prayers of the faithful, born- again Believers against any system that will not be beneficial for all citizens. Certainly, we can pray for righteous bankers to speak up and speak out on behalf of citizens. We can pray for Kingdom banks that will come in operation to ensure options are given to their customers of all types.
We can bank on God’s intervention as well as the Name of Jesus Christ of Nazareth as we face such a time as this. Proverbs 18: 10 clearly states, “The name of the LORD is a strong tower. The righteous run into it and are safe” .
