The future of banks is probably not banks
Andy O'Sullivan

What we also need to factor in to this conversation is money supply. Currently something over 90% of our money supply is electronic. It is, in effect created by the banks as they make loans. There are moves to restrict this as it represents, effectively, the privatisation of a public good: banks profit by creating money, in effect. Of course other companies want a piece of that. But perhaps the good of society requires to move away from that model of debt-based money supply. So we need to be wary of the assumption that the current money supply model is a permanent fixture or even desirable. To get a sense of why this matters have a look: