Modern banking isn't dependent upon IT, modern banking is IT.Now there's a repulsive thought! How does anyone get off suggesting that IT could, or already has, taken over or replaced the Business it services? A specific business process implementation does not subsume the business function that it defines. Business Funtions (such as purchase, sale, accept deposit or lend) are independent of and supercede the means applied to realize them.
IT is not Business! IT doesn't run Business; People run Business. People are defined by their Actions; and Actions are channelized and automated using IT.
IT is merely a business facilitator/accelerator. What we really need to be focussing on is figuring out ways to shift from the Facilitator role to that of an Accelerator. That's where the real business propositions lie.
Basically, we ain't NEVER da Man!
We ain't NEVER GONNA BE da Man!!
So let's just get used to playing second fiddle to Business. Besides, why should IT be anything but IT?