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For there to be a Kodak moment there has to be a Kodak, in the case of banks the market is more diverse and therefore presumably more resilient? People are also conservative when it comes to managing their money so less likely to shift their business quickly.

None of us can know what is going to happen, we can only guess based on the evidence available to us and on our personal beliefs and inclinations.

My personal take is that change will happen and that the pace of change is accelerating. My belief is that my grandson will never have to learn how to drive a car and will live in a world that is powered by renewable energy. His financial affairs will be managed by robo advisors that will optimise his investments and monitor his spending and saving habits to make sure his finances stay healthy. His generation won't know what a cheque is never mind having to write one, and neither will they ever handle banknotes and coins. They will have plenty to keep them busy as they will be dealing with the effects of global warming and with trying to make the world a more stable and equitable place to live in.

Who will be providing these financial services to the next generations? It will be those who can best cope with change, those who place the customer experience at the heart of what they do. In the same way as Ford is moving in to driverless cars alongside Google it will probably be a combination of existing banks (that after all have the resources as Ketharaman says above) and large tech companies such as Google or Amazon.

Interesting article thanks Graham, learning lessons from industry in particular is a sound idea. The difference for banks is they are storing and using data about people rather than about cars or circuit boards, on the other hand banks mostly don't have to deal with health and safety of their staff should a robot run amok!

Smaller mid-tier banks that accept they don't need a bespoke solution to succeed but are willing to form partnerships and collaborations with fintech firms and aggregators may find this problem goes away.

The way forward is to create a bank of one for each customer via personalised and context aware services. Helping your customers reach their financial goals while nudging them towards better financial behaviour should provide a willing audience for selling further products and services. 

I try to limit (more like delay) my spending by doing lots of research online. The initial findings are always favorable while delving deeper is the opposite.

Presumably this is because the top hits are often reviews sponsored or copied from the manufacturers advertising while the subsequent hits are written by people who have bought it themselves and therefore have more critical comments?

Maybe an App that allows me to complete the purchase but automatically diverts the funds to a savings account rather than completing the purchase would be useful. The attraction of seeing a growing balance in a savings account might cool down my impulse buying tendencies?

The value of replacing a payment card with a mobile is not that great, other than when I forget my wallet and the merchant accepts mobile payments. The value of replacing my wallet with an electronic wallet would be integration. No need for multiple loyalty cards, no need for health insurance cards which vary between business and private travel and by geography. Also integrate identity by having an electronic passport and electronic driving license stored on the mobile device. Also integrate airline boarding cards to replace the current clumsy mechanism of scanning barcodes on a mobile.

There are issues of course with battery life and losing your mobile but that is not very different to existing issues with magnetic stripes on cards and losing your wallet, they can all be solved.

The mention of kernel and emphasis on daily builds and commits on the Thought Machine website does make this seem like they are building the Unix for banking. A platform on which banking core systems can be built rather than an out of the box core banking system?

Building a new core banking system for large banks is challenging, Oracle and NAB have been building their NextGen banking platform for the past nine years. It has reportedly consumed hundreds of millions of dollars and is not yet finished.

I recently travelled to Italy and took my traditional bank debit card and also a Mondo debit card. The rate for withdrawing cash from an ATM with the Mondo card was a flat 1.19 euros to the pound (thank you Brexit!).

The rate for ATM withdrawals with the traditional bank debit card was pretty similar, 1.193.

The difference was in the fees, Mondo charge no fees at all while the large traditional bank charged fees that came to 3.26% of the amount withdrawn or £7.52 for withdrawal of 200 EUR.

 It remains to be seen whether Mondo can thrive by charging these types of rates, but their offer is very attractive.  They have an excellent easy to use digital App and offer good rates with zero fees. If lots of people switch (and there is a queue for Mondo accounts at the moment) then will the traditional banks be reduced to the role of middleman providing services to their more agile digital competitors as Vicente says above?

Or the industry's big beasts may awake from their slumbers to find that Amazon (or Apple or Google) have stolen their lunch?

Personal experience suggests contactless is going to take over sooner, there is less friction in contactless than there is in cash. As Aisnley says above there are still some surcharges for low value payments but they are becoming a minority, mostly ice cream vans and greasy spoon cafes. There are sole traders for who even a simple solution like iZettle is overkill. There are the complications of sharing a restaurant bill amongst a group of friends. There are those who prefer to keep their spending anonymous because of fears over government snooping or because their tax affairs are murky. There are also issues over controlling impulse spending which can be alleviated with better banking apps, although the recent solution that delivers an electric shock to those in danger of over spending may be a step too far. 

Cheques are annoying as receiving them (until/if cheque imaging ever arrives at my bank) means finding a nearby branch in the ever decreasing branch network while writing cheques means there is a mysterious entry in my statement such as 002767 with no clues as to the recipient. There are options for all those tradespeople and yoga teachers and builders out there who still insist in being paid by cheque but it involves them giving out some kind of information such as their bank account details or their email address or mobile phone number and they are often reluctant to do this.