The Cost

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Articles

  1. A Decade of Research into the Workplace Environment for LGBTQ People
  2. Is the internet broken?
  3. The Cost of Knowledge
  4. The Cost of Care: The missing link in the strategic financial advice equation.

True, bureaucrats have served as RBI governor before and many have grown into the role. In this case, however, there seems little doubt that the quality that Das has been chosen for is his ability to follow orders. Doing so would cause lasting harm to India and greatly reduce its potential future prosperity.

The Cost by Rend Collective Experiment with lyrics

That was the sort of governance that many hoped Modi himself would provide when he won a landslide in Such political capital, they argued, would allow him to keep his eye on what really mattered instead of worrying about day-to-day survival in power. And perhaps that was true at first: In partnership with someone like Rajan, Modi could have provided the kind of sober and effective economic management that would have shifted India permanently to a high-growth trajectory.

Modi won once by promising world-class governance. Why does he think voters will reelect him for anything less? The opinions expressed in this column are that of the writer.

A Decade of Research into the Workplace Environment for LGBTQ People

The facts and opinions expressed here do not reflect the views of www. Read more on Modi.

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Is the internet broken?

This will alert our moderators to take action Name Reason for reporting: This year alone there will be over , new diagnoses of cancer. Over , Australians are living with coronary artery disease, 2 million with kidney disease, and nearly half the population will experience mental health challenges during their life time. Whilst advances in medicine and treatment techniques are improving the survival rates across most conditions, there is a cost burden.

And as good as our safety nets are, the out of pocket OOP cost impact to those affected by ill health can be crippling. Depending on the condition, direct costs can range from hundreds to many thousands of dollars each year.

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Often these are compounded by the indirect costs — such as foregone income — impacting the sufferers and their carers. What can they do to promote cash efficiency and cut the costs of their cash operations? Cards and mobile payments are gradually pushing the use of cash downward across the globe, with cash as a share of total payments declining from 92 percent in to 84 percent in But cash is not going away.

People in diverse regions still rely on cash for a broad range of payments needs and will continue to do so for the foreseeable future. What is more, cash costs, accounting for five to ten percent of bank operating costs, are rising in absolute terms in most markets, even as usage is on the decline. There are three main levers banks can use to manage cash costs: These actions can result in big payoffs both in markets where the use of cash is in steep decline as well as in those where consumers and businesses continue to rely heavily on cash.

The greater part of humanity lives in countries where at least 90 percent of transactions are made in cash. Even in these cash-intensive markets, however, cash is gradually losing ground to other payments instruments. Generally, consumers in wealthier economies tend to favor noncash alternatives.

The Cost of Knowledge

Germany, Japan, and Austria stand apart as wealthy countries where consumers maintain a strong preference for cash at the point of sale, despite universal availability of electronic payments instruments and the broad adoption of electronic transfers for recurring payments. The vanguard in the war on cash is Northern Europe, where as few as one in every five payments is made in cash and using cash may even be difficult in stores and restaurants.

Markets can be sorted into five clusters, based on level of cash usage and the rate of decline in cash usage Exhibit No matter the country, cash will be around for a long time. Some prefer cash for reasons of privacy and security. Others live in areas where poor cellphone coverage and frequent electricity outages make cash the most reliable way to pay.

Consequently, banks need to maintain their cash services. If the costs of cash networks do not decline with usage, the burden per transaction will continue upward, making the service less accessible for users in the long run. It is urgent, therefore, for banks to plan for an aggressive reduction in their cash distribution costs.

The Cost of Care: The missing link in the strategic financial advice equation.

While cash everywhere accounts for a shrinking share of the payments pie, the costs of cash handling are rising practically everywhere. There are three main reasons for this:.

In both emerging and mature markets, banks must make careful choices as they right-size their networks. Specifically, they must decide where to eliminate branches and ATMs while continuing to address the cash needs of consumers and retailers.


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Implemented together, these levers form a virtuous circle of cost savings, enabling the progressive augmentation of benefits Exhibit 2. Many banks have already taken steps to increase the efficiency of their cash operations, but these operations still account for between five and ten percent of total bank operating costs Exhibit 3.

Most banks can reduce their cash costs by as much as 30 percent by applying lean principles to eliminate waste and maximize productivity in distribution centers, inventory management, and transportation. The lean approach aims to maximize output and reduce waste. The biggest improvement in efficiency comes from the elimination of repeated steps in the replenishment process, primarily in cash distribution centers, where 40 percent of steps are checks and controls for example, counting and recounting notes.

In addition to streamlining workflows, some organizations have increased capacity by up to 20 percent by redesigning work areas to facilitate physical movement and smooth transitions from one station to the next, reprioritizing flows to reduce peaks, and aligning standard operating procedures across all collection points. Our research shows that nearly half of banks rely on manual calculations e.