We will learn more about the European Union in chapter 36
• To solve any financial difficulties in credit institutions. • To protect consumers of financial services. • To provide financial advice.
GO
The Central Bank of Ireland is a member of the European System of Central Banks (ESCB), which is made up of the central banks of EU member states with the euro currency and the European Central Bank (ECB).
THE FUTURE OF FINANCIAL INSTITUTIONS
Financial service providers are changing to fit the needs and lives of their customers. There is a lot of competition in the financial services marketplace, which benefits consumers by providing them with:
• More choice • A better service • Lower prices • New ways of managing finances.
The way we manage our finances has changed a lot over the years. Worldwide, financial institutions and technology companies are continuing to come up with new ways to improve the financial services on offer. For example:
• British bank Barclays has plans for a wristband that will allow customers to make payments without using a debit or credit card.
• Smart watches, such as Apple Watch, will be able to offer money advice while the wearer is shopping.
• Spanish bank Banco Sabadell has developed an app for customers wearing Google Glass.
• Person-to-person (P2P) payment systems will allow more bank account holders to transfer money to other account holders using a mobile device. For example, Bitcoin and Google Wallet.
Future banking
In pairs, research and discuss how technology has made and will make a difference to the way people use and manage their money.
Think about:
• Safety • Convenience • Budgeting • Local and global purchases.
