Broadly agree with this. Retail banking is a subsidy the public and regulators demand from banks in return for the host of privileges regulated financial institutions have which are necessary to run the banking businesses which actually make money.https://twitter.com/JorgeO/status/1189761310331826176 …
I agree, but on the flip side if they were entering the more profitable, regulated and competitive markets, they might have impossible fights. If they can grow audiences sufficiently large and take banks customers, they might become the best middlemen to sell services.