When I moved to the UK, I was advised to open a bank account with either Monzo or Starling, which are the two online-only startup banks in the UK. (They're actu

When I moved to the UK, I was advised to open a bank account with either Monzo or Starling, which are the two online-only startup banks in the UK. (They're actual banks, not resellers backed by other banks, or money transfer apps like CashApp.) This is because their identity checks involved scanning a single identity document and sending a video of myself saying that I wanted to open a bank account. All the traditional 'High Street' banks wanted all sorts of documentation - Council Tax bills, infamously - that I simply didn't have, because I'd just arrived in the country. I know why all this is necessary. London remains the financial capital of the world, and launders a lot of dirty money. Monzo in particular has strict limits on cash withdrawals and deposits, because their accounts are often used in the illicit drug trade. I have no objection to AML and KYC regulations, but it's absolutely crucial that legitimate people who don't fit the usual patterns - people like recent immigrants - have access to the banking system. The social media aspect of TFA is attention-grabbing, but I think it's a red herring. The more concerning aspect is the suggestion of AI. To what extent will those algorithms be used, and to what supervision will they be subject? In the 1980s, my father was an 'Automation Engineer' in a bank. He built an 'artificial intelligence system' for assessing home loan approvals. It was one of those fill-out-a-form-and-we'll-tell-you-how-much-you-can-borrow things that are all over the Internet now - entirely deterministic and transparent. That's how banking needs to work, at least for individuals. Determinism engenders trust. Modern AIs, on the other hand, are for algorithms that are too complex to be explained. If you've got those controlling people's access to finance - not just loans, but money they've deposited in their own bank account - we have a serious problem. 'Cash is King' is not a solution. Before my Dad worked at the bank, he worked in the payroll department at a soap company. He had to drive to the factory with the paypackets - one for each employee, containing their wages in cash - each week, and hand them out. That's utterly ridiculous.