The Faster Payments Service, which has allowed transfers between accounts of any UK bank which usually happen within minutes has existed since 2008. And it is free to use for non-business account holders throughout the entire market.
Paym, which allows transfers using mobile numbers is available with most high-street banks, but notably, not the fintech banks has been available since 2014. So arguably the fintech banks are behind the curve here, likely to try and drive some sort of network effect to increase friction of transferring money to customers of other banks.
Were the existing banks processes, apps & websites janky before the likes of Monzo came about? Sure, to varying extents. But the actual method of making transfers between accounts hasn't been influenced at all by the new banks, they're all using the existing structures that everybody was using before.
Paym, which allows transfers using mobile numbers is available with most high-street banks, but notably, not the fintech banks has been available since 2014. So arguably the fintech banks are behind the curve here, likely to try and drive some sort of network effect to increase friction of transferring money to customers of other banks.
Were the existing banks processes, apps & websites janky before the likes of Monzo came about? Sure, to varying extents. But the actual method of making transfers between accounts hasn't been influenced at all by the new banks, they're all using the existing structures that everybody was using before.