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Digital Bank by Chris Skinner

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THE NEW ECONOMICS OF DIGITAL BANKING

Back in the 1990s, Kevin Kelly, senior maverick and launch editor of Wired magazine, told me that everything would become free thanks to the Internet. I thought he was nuts at the time, but how wrong was I? In his article “New Rules for the New Economy”, which appeared in Wired in 1997, Kelly devised twelve lessons about how to think about the Internet. Those lessons were difficult to absorb at the time as he was far too ahead of his time.

I went back to these lessons recently and realised rather quickly that banking will soon cost nothing. In other words, loans and payments will be provided for free. To explain where I am coming from, it’s necessary to understand Kelly’s lessons, which I’ve summarised here: ...

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