> and cost to maintain a competitive IT infrastructure
I would actually counter this with the point that many of the historic banks are so steeped in technical debt that newcomers are at massive advantage in terms of iteration speed and IT cost. This comes from a lack of competition (until very recently), and cultural problems at the executive level that stop them from considering themselves technology oriented firms.
Look at Monzo in the UK, recently given full banking license, been on the scene for 3 years now.
No bank in the UK has been able to come close on ease of use/access, onboarding speed, settlement speed, customer service, clarity and feature set of their current account. From the outside, it looks like they aren't even trying...
I would actually counter this with the point that many of the historic banks are so steeped in technical debt that newcomers are at massive advantage in terms of iteration speed and IT cost. This comes from a lack of competition (until very recently), and cultural problems at the executive level that stop them from considering themselves technology oriented firms.
Look at Monzo in the UK, recently given full banking license, been on the scene for 3 years now.
No bank in the UK has been able to come close on ease of use/access, onboarding speed, settlement speed, customer service, clarity and feature set of their current account. From the outside, it looks like they aren't even trying...