For a Ministry of Digital Affairs
There has been talk of the "digital transition" for years, but I fear we are no longer in a transitional phase. In today’s world, not being digital is "expensive". So let there be a Ministry of Digital Affairs.
An elderly person who does not know how to use a cash machine can withdraw money at a Caixa counter by presenting their passbook. But they pay a three-euro fee for the operation, not counting stamp duty. All told, to withdraw 50 euros, this citizen leaves 6% of their money with the bank.
The example serves to explain that, in today’s world, not being digital is “expensive”. But the cost is not only in money. It is also in opportunity and time. What is more, the trend is not confined to banking.
AI translation from the Portuguese. First published in ECO on 1 April 2021.