The industry is also seeking cost efficiencies from all functions. This reminds me of developments in the Finnish banking sector in 1990s. Finnish banks had invested heavily in information technology during 1970s and 80s, when the regulations of the time directed competition to service and quality enhancements.
Only when a severe banking crisis hit the Finnish banking industry in early 1990s, banks had to make full use of their technological capabilities. Electronic payments were promoted heavily with customer education and price incentives. This has paid off, and Finns currently use electronic payments predominantly.