I think the disruption that happened to the telecoms industry is happening to finance.
In telecoms it got easier to abstract services, & this led to pressures on pricing.
Software companies could easily launch their own OTT voice services, for instance. I remember back when the Cisco guys were saying this was coming.
I didn’t understand it then because I wasn’t seeing what they were seeing, but I observed & understood that trend.
Finance is next.
Government & incumbents will evolve & also try to preserve the old frameworks, but the changes will come.
Imagine your favourite brand, or IT services provider, or your [excellent] employer being able to become your bank or financial services provider.