Banking is one of the most heavily regulated and lacking competitions domains I know. This is why we have innovation in fin-tech startups but banking-startups only in crypto, where regulation is yet fairly light.
"this is why we have innovation in fin-tech startups but banking-startups only in crypto"
I can think of 10 startup banks like monzo and starling and have accounts in 4 of them, where is this lack of competition?
Is it also regulator's fault there is no competition in running water and sewer providers? In your world there is no such thing as capital requirements, barriers to entry, natural monopoly, all issues are summed as 'regulation = bad"
