Arrogance, and lack of 'customer first' service/ux/innovation....

Arrogance, and lack of 'customer first' service/ux/innovation. It's enjoyable watching these banks (burn) trying to play catch up. And to Suncorp specifically - agreed... who cares. Clearly not playing offence.

The banking culture is exactly that 'Banking'. You think smart engineers/devs/UX designers/techies etc. want to go work at a bank. Pleassssseeeee. A bunch of legacy systems, red tape, hierarchy, fat cats and god knows what else. Try changing that culture overnight. And, moving forward, with Blockchain drawing attention of smart money (Andressen Horowitz, Sequoia etc.), the best entrepreneurs and engineers aren't banging on bank doors.

Jamie Diamond said it himself - ″[M]any banking products, such as payments and certain forms of deposits among others, are moving out of the banking system. In addition, lending in many forms is moving out of the banking system,” Dimon wrote.

He also said - While traditional banks have “significant strengths,” like “brand, economies of scale, profitability and deep roots with their customers,” Dimon also acknowledged their weaknesses. Things like “inflexible ‘legacy systems’” along with “extensive regulations,”

IMO - Diamonds suggested strengths are not moats, and besides profitability, the others aren't even strengths. The banks hide behind regulation as an excuse for lack of innovation. Rather, i'd suggest it's the culture, business models and status quo that has them now trying to position themselves as technology companies i.e Commonwealth Bank. Suncorp joins the others in validating the move the move away from Credit Cards.