The underlying reality is that the global village is getting ever smaller and more tightly integrated. Which means the rapid growth of profitable practices in other countries is likely to reach our shores quickly and often without fanfare.

Australia should certainly cherish and protect our robust and reasonable regulatory system which has stood us in such good stead during this crisis caused by the unreasonable excesses of our Northern Hemisphere cousins.

So no, I don’t see Absa Bank entering the Australian market anytime soon. I do see that our own banks will continue to be less than friendly to retail clients (just walk past a table of workers eating lunch and ask what they think of our banks – whatever the bank management is telling themselves they’re smoking something illegal if they think they are doing a good job with retail consumers).

The benefits of technology have always been at the expense of incumbent business models. Seems to me that Mike is pointing at a small number of the important elements that are changing the social and commercial balance, in turn that will influence how our industries operate. Since money is the core of commerce it is simply obvious that business of money (finance industry) is changing. Deny it if you want but, please, step to the curb so you don’t become a casualty as the change rolls forward. Don’t panic, you have time to take that step – the Australian finance industry will probably be slower to respond to these changes than in many other countries.

If you prefer, recognise the change is here (business models are really changing in implementation) and use insights from folk like Mike to help you start thinking about the finance industry in the 21st century rather than try to hang on to the remanants of the 19th century model.

Stick to your own patch Mike.