The banking industry makes 25 times more profit than all other industries around the world combined. It has no competition and abuses this fact. Isn't it interesting how little awareness this issue has?
Banking and financial services is about 1/4 of world GDP and insurance is about 1/12th of world GDP. Anything making 25x "than all other industries around the world combined" would be ~96% of the economy.
Yes, GP might have misremembered 25%. To be clear: that is still way too high in my view. (That credit cards in less regulated economies like the US charge more than 2% is obscene.)
However, the badly needed disruption will come (hopefully) from good old (centralised) FinTech (such as Wise), not from the crypto bros.
An industry, by definition, can't have competition. The soft drinks industry also has no competition - if you want soft drinks, you have to buy from them.
Competition happens inside an industry. And there is fierce competition between banks, much more so than in many other modern industries (e.g. there is much more competition than in tech).
As someone who is interested in banking innovations, there is hardly any real competition worth its name. Just more and more consolidation into bigger banks.
