> gone almost 5 decades with no new banks Branchless banking seems like a capability enabled only in the last 15 years by widespread internet adoption among cu

> gone almost 5 decades with no new banks Branchless banking seems like a capability enabled only in the last 15 years by widespread internet adoption among customers as well as a transition to a cashless economy in the last 5 years. Before then I'd imagine the physical startup costs and physical network effects of having hundreds of branches/ATMs, combined with low retail margins would've made it prohibitive for new competition.