3  For more details, see Schmiedel, H., Kostova, G. and Ruttenberg, W., “The social and private costs of retail payment instruments: a European perspective”, Occasional Paper Series, No 137, ECB, October 2012. 4  Hasan, I.; Schmiedel, H.; Song, L. (2009): Return to Retail Banking and Payments.
ECB Working Paper Series No 1135, Dec. 2009. http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1135.pdf  5  AT Kearney (2012): 2012 Retail Banking Radar: Change Looms in Europe, 2012. 6  Lubig, D.; Wandhöfer, O. (2011): Margenstark, risikoarm und kundennah: Die Renaissance des Transaction Bankings (in German). Bain & Company, 2011.