...the playing field needs to be leveled and that there is a place for the big banks in the new digital space. “In the absence of a level playing field regulation, effect test and punitive or treble penalties, big banks can stifle competition,” he said. “Big institutions are good at big scale marketing and distribution, not at trying daring new ideas and accepting failures, the critical ingredients for disruptive innovation. “The reality is that regrettably the major banks decided against that approach. Instead of offering open APIs to the startup community that enable real-time access to the banking system, they reluctantly implemented a drawn out effort in the form of a new shared payment infrastructure; ultimately only delivered under pressure from the Reserve Bank of Australia. Old world thinking.”

http://www.businessinsider.com.au/tyro-boss-wants-the-regulator-to-step-in-and-help-australias-fintech-startups-disrupt-the-banks-2015-2