In a nutshell, the forces underlying the transformation of the financial industry have vastly heightened competitive pressures, broadening the range of potential service providers well beyond traditional financial firms.
Experience in the United States indicates that those that can use new communication networks to sell specialised products more effectively (like consumer credit and mortgages), or have regular contact with potential customers (like supermarkets) can make rapid and significant inroads. As economists would put it, the degree of “contestability” in the industry has taken a quantum jump.