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Time to cheque out for Christmas

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!

 

 

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Nick Ogden

Nick Ogden

Founder and Investor Director

ClearBank

Member since

17 Sep 2008

Location

London

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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