Some bankers and analysts think that Google, Facebook, Amazon or the like will not fully enter a highly regulated, low-margin business such as banking. I disagree. What is more, I think banks that are not prepared for such new competitors face certain death.

Technology has already transformed many industries. Next in line is banking. In two or three years, only 5 per cent of consumer interaction will be through branches. The rules have changed and a new league of competitors is emerging.

New entrants are free from the legacies of banks: obsolete systems and costly distribution networks. So far, most (PayPal, Square, iZettle, SumUp, Dwolla) are seen as niche businesses. However, they may expand or seek alliances. And almost certainly some big names in the digital world, companies with strong brands and millions or billions of users, will jump into the fray.