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As we sit back and relax this Christmas a topic of conversation that is likely to rear its head over the festive Ogden dinner table will likely be the demise of the cheque. With several generations at the table it will be interesting to hear the different
perspectives and reactions to the news, especially between the grandchildren and grandparents!
For me, the end of the cheque highlights the natural evolution towards a cashless society. As well as the use of cheques falling significantly over the course of the decade, owing to more and more people making payments electronically and online, beleaguered
banks and businesses will save a substantial amount of money and time in processing payments.
Whilst there is clearly an air of trepidation and concern from the public at the news the next few years will undoubtedly see a wave of innovation in regards to new payment methods being introduced as viable alternatives to the aged cheque. Which ever way
it goes it is safe to assume that along with cheques, the authorisation of payments by signature is soon to become a thing of Christmas past.
Merry Christmas and an exciting 2010 everyone!
Founder and Investor Director
17 Sep 2008
This post is from a series of posts in the group:
A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.