The battle lines between Web and Telco - where are the banks?

Source http://www.telco2.net/blog/2012/02/strategy_20_facebooks_strategy.html

Personally I feel the Telco's have got it wrong.  They (telco's) are enablers outside of the digital market - they enable it to happen but are not participants.   They are just like the Banks in a digital world.  You need them (today) but the are not participants.  Telco's like banks are regulated and have to a degree a protected status for competition around the world.  It will not be long before it will be cheaper to attack the legislation/ regulation than try to take more cost out from a high volume low margin declining business.  When this happens the battle stats.  The scenarios become set but who starts the attacks.  If Google, Amazon. Paypal, Ebay, Microsoft, Apple lead the world will change.  If Telco's start on telco regulation there will be a long slow battle, telco on banking - could be fun.  Banks will not start anything as they still believe we need them.