The argument that a potential technology major5 or FinTech “doesn’t have a banking license” is certainly not a barrier in this environment, where trust in banks is a penalty rather than an asset. The argument that a banking license is some magical standard of trust could not be further from reality today. I believe trust is essentially a function of utility. The more usable a banking service is and the more the brand demonstrates its effective utility, whether from a licensed institution or not, the more consumers will tend to trust the brand’s capabilities.
