Without being an expert on the topic I'm going hazard a guess that it's due to regulatory moats that keep challengers out of the arena, and banks endlessly lobby to maintain that regulatory capture.
In the UK there's no significant regulatory advantage to big banks outside of the mortgage market, yet the same dynamics occur. The biggest issue for new digital banks is customer acquisition cost. Most consumers won't change bank accounts unless you spend hundreds of pounds on adverts and incentives.
spacebanana7|1 year ago