OPINION: Will Innovation Benefit Customers ?

The financial services industry is abuzz with the potential of blockchain, artificial intelligence and machine learning. I wish it was just as enthusiastic about improving basic services for its customers. Two recent experiences may colour my views. In the first, I  received some proceeds from an insurance policy which they decided to send by cheque. Despite it being the 21st century my bank said it would take a week for me to access the money – the standard clearing cycle, an extra day because I had used an ATM to deposit the cheque (at my branch), another extra day due to the amount plus a break for the weekend because, off course, computers cannot process information on a Saturday or Sunday. Secondly, I spent time in the US over the summer…


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