Click, click – you’re dead

Banks, like priests before them, have survived in part because of their monopoly of information and access. The internet is changing all that. As Steven Irvine argues, the data and choices that can be accessed with a mouse click must mean the death of banks as we know them.

Before the printing press, the priests of the Catholic Church had a monopoly over Latin and thus controlled the spiritual currency of the western world, the Bible. Cheap, locally translated bibles changed all that and the priests lost a lot of power within a century.

What is happening with banks and the internet is very similar. For the banks read the Catholic Church and for the future read the cheap locally translated bibles that the internet will bring.

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