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Banking is a regulated business. Only license-holding banks can carry out banking activities. If you really mean financial services, you might want to revise your post accordingly - as of now, it's a bit confusing, tbh.

While on the topic, can you name a few financial services that are / can be provided by nonbanks where the customer relationship is not / cannot be owned by a bank?

Just a gentle reminder that it's stupid to work off bank rails and then threaten to kill banks. SBI gave this reminder to PayTM a couple of years ago. All talk of disruption died down fast. PNC is perhaps doing the same now to Venmo in USA.

AFAIK, social media posts is Alternative Data. If so, not sure how it can be claimed that "Alternative data is anonymised and therefore contains no personally identifiable information". 

Nice post although I must confess I couldn't get much of it (my bad). On a side note, wondering how much of the new 606 rule has been triggered by the routing issues exposed by Michael Lewis in his book The Flash Boys.

Yet another survey with 2K sample size. But I wouldn't dismiss the results outright. As long as the population, however large it is, conforms with what I call "Gallup Soup Principle", results from a survey of 2K are statistically significant. While details can be found in my personal blog post Demystifying The Survey Sample Size Of 2000, I'm copy-pasting the aforementioned maxim:

"George Gallup, who essentially invented the idea of opinion poll in the 1930s, came up with a fine analogy for the value of random sampling. He said that if you have cooked a large pan of soup, you do not need to eat it all to find out if it needs more seasoning. You can just taste a spoonful, provided you have given it a good stir." 

"Uber has negated the need for the intermediary of a taxi company" is one of the most surreal statements I've come across in a long term.

Take advanced markets. Uber has merely replaced the taxi company as a different intermediary.

Then take emerging markets like India. There was no taxi company before. Riders paid cash to Drivers. End of story. Uber came in saying it's a taxi booking platform, sale / purchase is between Driver Partner and Rider. But government found a good source of tax in rideshare, which it never got in the old taxi regime. It made Uber charge and collect 18% Goods & Services Tax and remit it to the government. Uber became an intermediary in an industry that never had one earlier.

To that list, let me add myBANK. With SCA, EU is taking a step or two back in cashless payments adoption.

#1 and #2 both use a COF that's supplied by Customer only. In #1, Customer initiates the payment with the said CICOF. In #2, Merchant initiates the payment, but with the same CICOF. I think the difference between #1 and #2 is in who *uses* or *triggers* the COF, not who initiates the COF.  

On a side note, your definition is the reciprocal of conversion rate, which is actually Number of Buyers divided by Number of Visitors.

23 million breach occasions @ A$17 - A$21 million penalty per breach occasion is A$391 trillion - A$ 483 trillion. The billions of fines imposed on Wells Fargo will become a rounding error in comparison. 

@JorisLochy:

I agree. Re. this article, I'd commented that we've been waiting for Digital ID like the protagonist of the famous Samuel Beckett's play was "Waiting for Godot". But another commenter seemed to suggest that Digital ID was already a thing. I've seen a couple more comments along these lines by anonymous commenters on other articles. So, I've become a bit unsure now.