According to recent calculations, that's the difference between traditional and Internet banking costs. His argument is that unless you use the Internet to cut your costs and build strong business relationships, then you will be put out of business by rivals who do. Simple as that. But they cannot afford to delay.
Some big companies are in catch-up mode.
But that could be a dangerous mistake. They are creating new fast-moving organisations rather than tie them to the master organisation that perhaps doesn't move so fast. The recent launch and flotation of the Freeserve Internet service by UK retailer Dixons is one such example, as are the new online-only banking services which are currently being launched. This goes far beyond buying and selling over the Internet, or e-commerce, and deep into the processes and culture of an enterprise. In other words, 'getting on the Internet' is a lot more than knocking up a company page to put on the World Wide Web.