Money is in transactions / forex. Traditional banks can keep the deposit game because that is heavily regulated. But they have for long time not done good job making transactions convenient.
All my years of researching banks, we always ask about competition. Only Piyush Gupta of DBS told me his greatest competition is Grab, Revolut, Alipay because they are not banks, not saddled with bricks and mortar. He did not mention UOB or OCBC.
He said key is the bank thinking like a technology company and not come up with the same traditional banking products. DBS were keen to get people away from visiting their branches.
Another example is RedMart in Singapore, pure online grocery co that does better job versus Cold Storage, Giant. Key reason is they dont have to think of channeling customers into their outlets which are sitting on expensive fixed cost
The cost structure of pure digital firms enable them to tear the status quo and try something different. Risk is vested interest and lobby groups clamouring for regulation
