Banking is getting impacted in this series of executive orders, there’s a mandate that banks make customer financial history portable so that customers aren’t l

Banking is getting impacted in this series of executive orders, there’s a mandate that banks make customer financial history portable so that customers aren’t locked into continuing to use their current bank to keep their financial records. Aside from that issue that stops customers from being likely to switch banks, there’s a ton of competition in banking. There are many consumer banks, they all provide essentially the same services, and they compete on things like branch density, customer service, and saving/loan rates. Aside from that, consumer banking is already one of the most regulated industries. Fintech consumer products and services are rare with the exception of tax preparation. E-trading is becoming more popular, but existing consumer banks and brokerages are stepping up to compete across the board. Intuit’s TurboTax product is really the only example I can think of in the fintech industry that needs antitrust attention.