There is no doubt that the Internet and surrounding technologies have had a massive impact on the way businesses around the globe structure their processes and communication.

Processes that took weeks now take days. New businesses have been formed, and old businesses have been altered beyond recognition.

Some of the most profound changes have taken place in the banking sector. Banks no longer just take your deposit, lend you a bit of money, and make living on the spread. They now have to provide a number of other services including pensions, stock broking, insurance and online overview of your personal banking products.

One of the biggest changes brought to the banks by the Internet is disintermediation.  Three decades ago trust was provided by buying a large building with thick walls and pillars in front combined with your “banking adviser”, whom you knew and trusted to give you advice when choosing personal banking products.

Online neither exists. You are a “user”, and your transactions are data-mined to lower the cost and to provide efficiency over comfort. Your debt is sliced, diced and securitised. There is no link between you as a breathing customer and the efficient transaction driven markets.

A sub-prime borrower even gets told that he is sub-prime, high risk, and self certified. There is no social link, no feeling of letting anyone down when going into arrears. You are actually encouraged to do so if you live in the right post code and display “attractive” socio-economic demographics.

The message was: it is easy to make and spend money. Just borrow 100%, buy a property and start spending. Value is unlocked automatically; you can swipe your credit card until the magnetic stripe glows. You can always consolidate your debt if you can’t make the minimum payment.

Yet we wonder where this crisis came from …