[samus]

Traditional banks have already been severely disrupted by financial start-ups that only charge low fees. People will switch if they feel the cost pressure.

[nly]

I don't know about the mainland but in the UK most fintech startups ultimately try to get a bank license and become fully fledged banks.

[samus]

That's just the legal red tape to further encroach on the turf of traditional banks. They are still significantly cheaper.