[imachine1980_]

hikes in interest rates, if you have negative cash flows (need funding), the cost of the capital incises needing even more capital to pay your old debt, this affect less more establish banks who use they own cash flow.

inflation cause price of the product to go out but also the cost of the production, if you don't have a profitable product this make it even more negative cash flow.

also people are less likely to take debt if their fear how to pay back.

i don't know Australia but most bank offer solid smartphones and web base service( in south-america) meaning that maybe isn't that much of deal breaker anymore, you can do similar things whit the competition and have a full physical service to fall back if it something go wrong.

[RileyJames]

I’d suggest competition is strong. Not sure the value of an online only bank in Australia.

Most banking is fee free, if your pay check goes into the account.

FX fees are insane, but Wise solve that.

Payments are free, and in most cases instant.

Mortgages are competitive, and not necessarily through banks.

Other lending has already been displaced from banking.

Majors have apps and atm networks.

Features like withdrawing from an atm using your phone.

PayWave has been around for years. Apple Pay has been adopted.

Not really sure what the wedge would be for an online only bank.