You are quite mistaken here, from the top of my head, Tesco (late 90s) and Monzo (very recent) are 2 examples, and I'm not even into finance.
Given we're in a thread talking about ICOs and tech startups, I would side with you and say this is an irrelevant classification and the claim is wrong. :-P
Still interesting though, but given the veritable plethora of recently founded remote-only banks of various innovativenesses, I wouldn't say excessive regulation is to blame, if we think this is a Bad Thing.
All that real estate that is now occupied by bank branches can be give to some other businesses that actually need physical space (fashion/clothes, sports, restaurant, gyms etc) to use it more efficiently.
The only reason I had to go to a physical branch this year was to change my address and that is only because my old bank where my main account is doesn't have a way to do this online (seriously I don't understand why is it so difficult to make this a feature of online banking...).
I am using Monzo as my secondary bank and once they give me current account later this year, if it works smoothly and there are no issues I might get rid of my old bank account.
Then there are also other banks like Tesco/Sainsbury's which are definitely not 100 years old. More like started in 90s (but perhaps these reused some old banking licenses from other banks so don't count as "new").
Especially lately there has been a boom in fintech and lots of new challenger banks are appearing and getting banking licenses so that claim is definitely not true today, perhaps it was true a decade or two ago.
So that claim might have been true few years ago before fintech boom started. Lots of new digital banks already got or are in process of getting banking license.
Banking industry in U.K. is getting shaken up currently, lots of fintech challengers.
http://www.computerweekly.com/news/450400615/Digital-only-At...
>The bank was the brainchild of Anthony Thomson, who set up Metro Bank in 2009, which was the first new banking organisation to open in the UK since the end of the 19th century.
>In April 2016, Atom launched its banking app after regulators lifted a restriction on its authorisation.
Anyway, there's well over a hundred banks listed, and around forty building societies, so there's hardly a lack of competition.
When the coalition came in, one of Osborne's first acts was to push the banking regulators to issue more banking licenses, due to that 100 year+ stagnation. Since the coalition, there have been a variety of new licenses issued, so the problem is now resolved.
