I don't know. I kind of like competition in banking. I like free checking, ATM fee reimbursement, better customer service, better websites and apps, better alerting etc.
Maybe they won't but new competitors will see the outsized profits and try to get my business by offering these things. I have all these things at my bank (TD) so the system seems to work.
Interac is a great example of the opposite. The government of Canada had to strong arm the financial sector to create a non profit third party to allow zero cost transfers and a robust debit payment system. The banks have been lobbying to dramatically increase interchange and transaction fees on Interac payments for years to allow for an expansion in lucrative 'premium' credit card processing fees.
Competition did nothing to stop industry alignment against consumer interests.
