A little more than a decade ago management consultancy Booz & Co explained in a report “why banks and telecoms must merge to surge”.

Booz said correctly: “The epicentre for a transformation of consumer banking will be the convergence of banking and telecommunications players, as well as internet service providers and web portals.”

The report started with a quote from Hugh McColl, then chief executive of what is now Bank of America, who said in 1995: “As every schoolchild knows,…

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