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To: Charlie Smith who wrote (6182)	7/23/1998 1:47:00 PM
From: micny	Read Replies (1) \| Respond to of 8545

originating, transmitting, delivering transactions is not the difficult part....the net does this fine, but performing, recording, insuring the accuracy of, billing for, and correcting them when something goes wrong are all responsibilities that consumers are not going to leave to just anyone. In a very few areas of their lives do consumers demand the accuracy, access and confidence than they do when dealing with their paycheck. Remember, the masses! Lots of employers still provide paychecks, because their employees want them. Fact is, as bad as they might be in this regard, consumers have come to trust, believe, that they can count on their bank ...., even go to their bank to get things worked out, corrected, explained etc. All this may, probably will, change in time, but the average consumer isn't going to change quickly. Remember Pete's "adoption curve" analogy....credit cards 15-20 years, ATM about the same...bill pay/bill presentment.. something less...but not nearly immediately. Hell, it's been several years now just to convince billers of the benefits....and for them it's a pure simple slam dunk. Changing the mass market consumers' behavior takes longer to change. Everyone claimed that when s&ls, cu's and brokerages got transactional capabilities banks were doomed...about 15-20 years ago.