I do see very big problems with the reliance on the banks and credit card companies, as well as the total lack of privacy.
I'll only comment on the privacy this time: over the past 20 years we've accepted a level of surveillance on monetary transactions that is rather unheard of. By now we've come to the point where a significant amount of cash transactions are somewhat illegitimate - often related to tax evasion, sometimes worse crimes. This is again very bad, as it becomes normal to assume people handling cash have something to hide - meaning that one has to use the banking services simply to demonstrate that one has nothing to hide.
Good point! When I tell people I only use cash they do give me a funny look hahah