How often do you bank? ?

For me, it's a few times a week, but more frequently when I have a few bills to pay. Today, digital technologies makes checking balances, transferring money and even depositing checks an "anytime, anywhere" process using apps and mobile devices. Banks and other financial institutions that plan to stay ahead of the digital disruption must find innovative ways to transform and differentiate themselves. Otherwise, they may end up a part of the estimated four out of today's top 10 financial services giants that could be displaced by digital disruption in the next five years or as Chris Skinner predicts, 'see all their margin on traditional products erode in the next decade'.

During our latest#CiscoChat, banking futurist Chris Skinner (@Chris_Skinner), chairman of Europe's Financial Services Club, joined @CiscoFSI for a live and fun discussion on how banks can make money, when everything is 'free'. When transactions are table stakes.

If you missed the chat, the full recap is here. Below, I summarized a few of the highlights and insights.

Our#CiscoChat kicked off with a trivial question. While humorous, it proved to be very telling about the banking industry and the new class of customer it needs to attract.

For banks that want to stand out, it begs the question ofhow?

Even with the variety of tools and self-service apps that are available to customers, nothing can take the place of on demand human interaction.

Going back to customer expectations, we asked a critical question to the panelists.

Prior to this#CiscoChat, we shared that onlytwenty seven percent of traditional financial service firmshave a plan and are willing to disrupt themselves to remain competitive in the marketplace. For the future-minded, where do they start?

Obviously, there is a lot at stake...

...and thinking ahead should be a part of any institution's strategy.

Despite the numerous fees that financial institutions seem to charge, it was also suggested that those who wish to evolve their business models re-examine how to create more value.

With all of this said, there are many providers who are getting it right including American Express, Santander, Westpac, Nationwide Building Society and more.

What do banks need to do to reduce risk of a security attack? What were the top three tips participants shared that could drive better business outcomes in this new age of banking? It was really great to hear so many insights on this important topic, with lots of great interaction and contrasting points of view.

I'll leave you with of my favorite answers from one of our participants and feel free to comment below.

For the full list of all the questions and answers, take a look at our Storify recap and be sure to follow @CiscoFSI to join the next#CiscoChat.