The report discusses the current state of financial services innovation and the importance of restoring banks to the high street. Despite the increasing popularity of payment technologies, cash still plays a significant role in the UK economy, with over 2.5 million people relying on it as their primary means of payment. However, the closure of cash machines and bank branches has led to a decline in footfall on many high streets. The report highlights the need for a balance between open finance and the need for privacy, and emphasizes the importance of boring innovations that may not be flashy but are essential for the functioning of the financial system.
