German commercial banks have announced plans to move away from the paperless and paper-based banking model, which they have long embraced.
The Bundesbank, Germany’s largest bank, announced on Monday it would shift to an all-digital banking model for the first time.
The move comes as many countries, including the United States, move to roll out their own versions of a banking model that has proven popular with many Germans, who have long used their cash to pay for goods and services.
In Germany, a major bank by far, Deutsche Bank, has already announced that it will move to a digital model.
But it is the latest bank to announce that it is transitioning to a new banking model.
It said in a statement that it was moving to the all-cash system, which it says “is the best of both worlds”.
The move is the most dramatic yet for the German bank, which has been in the business of providing financial services since the 1930s.
It said the new banking system would “make banking more secure, convenient and cost-effective”.
Germany’s banking industry is increasingly being targeted by cyber criminals and other criminals.
Last year, German authorities issued an emergency order to combat the growing number of cyberattacks.
Germany’s Financial Supervisory Authority, or BfV, warned that the country faces a “huge risk” of another cyber attack on its systems in 2018, after the country’s largest banking institution said that it could no longer deal with cybercrime.
German authorities have also issued more than 200 warnings to banks and payment providers to limit the number of digital payments made using cash and have stepped up a crackdown on fraud.
The BfL, the countrys top financial watchdog, warned last year that the number and type of digital transactions in the country are growing faster than the number made with cash.