I saw this the other day, but when my wife mentioned it just now, what really struck me is the disruption effect this will cause to telecommunications forever.  The Bell’s, AT&T’s, Verizon’s etc must be absolutely scared right now.

Skype – The whole world can talk for free.

Calling people on Skype is totally free. It’s also free to call landlines and mobiles within the US and Canada until the end of the year.

So what would it take for banks to get that kind of scare.  Arguably its already started with Zopa, & ING, but there is no big seismic shift on the horizon.  Why is that?

Why can’t a bank come out with a Skype type offer.  The reason is fear of reprisal, and the common belief amongst bankers that “if I lose, you lose, so lets maintain the status quo” attitude.  But that limitation does not apply to new entrants, as Skpe/ eBay are to telecommunications.

Relevance to Bankwatch:
While it likely will not be a bank, someone will come out with a Skype like offer in the banking space, that will alter the landscape in an inexorable fashion, forever, and are we ready for that.  (hint = no)

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