ANAHEIM, California — Both banks and credit unions riskbecoming irrelevant as more consumers begin to turn to otherapproaches to payments and lending, according to banking consultantBrett King.

King, author of BANK 2.0, spoke Wednesday to attendees atCO-OP Financial Services THINK 2011 conference and credited therise of the Internet for the explosion in different forms of mobilepayments, peer-to-peer lending via social networking.

King noted that the largest payments organization in Kenya withfar more customers than the four major banks is actually not a bankat all. It's a telecommunications company that facilitatesthe transfer of money over mobile phone networks with textmessaging.