It is clear that change is on the horizon and incumbents should act. However, I believe the main problem is that there are so many option of what a bank could do it is very hard to decide which one is the most important one. Furthermore, it could be that not one individual feature is the sufficient rather completely different products, that continuously improve, are required. But if that's the case, then don't you just become a software company and are no longer a financial institution? For example, at Telleroo - the company I co-founded - we are only doing b2b offering, providing an API that allows companies to send money. That is one very specific use case that helps a lot of businesses. There are so many use cases I don't believe any bank will be able to offer all of them. If you want find out more about us, go to www.telleroo.com or check our API product page for the UK www.telleroo.com/faster-payments-api
Who will guarantee that those applications will be safe and providers will act honest . Banks have reputation and long track-record , so we can trust them . But those new providers will be "no name" !!
You sound like a dinosaur. These applications will be kept honest by the regulators and the fact that everything is so much more open now, so competition and social media will drive customer service. Providers having 'no name' is irrelevant today and didn't help much before - note the number of well known institutions that hit the wall.
