Our experience tells us that it is not so easy to implement systems that are processed both physically at one stage and then electronically, or vice-versa. Also, the third difficulty is getting banks to work together and to cooperate to achieve a certain objective. We have certainly faced these issues in implementing the image cheque clearing system.
One of the reasons why we haven't seen lots of firms go belly-up during the pandemic, is the unprecedented scale of government support. Support that has kept many firms afloat that might otherwise have gone bankrupt. Competition, and the process of creative destruction that goes with it, has been suppressed for the past 1.5 years.