Technology and banking have a long close association. Both have been benefitting immensely by this association. Innovations, which are by definition leveraging technology in unusual ways,have great potential to be disturbing the standard ways in which systems are operated. However, in that process we do gain, nevertheless it is not uncommon that these innovations do inflict pain on the society.
Therefore, a careful analysis of the pros and cons, a thoughtful ring-fencing of risks, closer study on pilot basis before scaling up, fine-tuning based on feedback, etc., are required before we adopt such innovations