I can't help thinking this is short sighted of them. In the days when banks needed branch networks and physical money the barriers to entry were high. We're no

I can't help thinking this is short sighted of them. In the days when banks needed branch networks and physical money the barriers to entry were high. We're now getting to the point where new entrants can, and increasingly are entering the marketplace. I suppose you could argue that these new entrants are going to enter the online only marketplace anyway, but then how are the established banks going to differentiate themselves? What advantages do they have? Apart from a legacy Cobol codebase.