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To be honest, after many years working in financial technology inside banks, and then several years outside banks in Fintech, I think the scenario described here is something that many of us saw as inevitable or obvious a long time ago.

The number of Fintechs that can truly disrupt on their own, without any bank type collaboration is extremely limited due to the need to scale rapidly and effectively without simply burning easy money.

Even high profile stalwarts of the "Bank 2.0; 3.0;..." world such as Moven appear to have only really started getting true traction and volume when they switched to a bank collaboration model instead of the pure bank disruption and competition model.

Interesting idea and reminds me very much of the concept / model of USAA bank in the US.

USAA started out as an insurer (hence the name) before becoming a full fledged bank.

USAA bank is an extremely well run and innovative bank in terms of delivery channels with a clear focus on servicing military personnel needs wherever they may be at any time.

Their customer service has a reputation for excellence, and working with military personnel, their levels of fraud, delinquency, etc. appear to be very low. Will that hold true for the UK also?

I'd be very interested to know if "Services Family" is modeled on, or inspired by, the USAA experience.

Sadly - trying to have a reasonable and intelligent conversation on this question is a little bit like "mission impossible" .,. To the point I'm not sure it's even worth trying to have a balanced and sensible discussion with anyone who has not live and worked overseas... Would love to know how many opinions here are actually based on real work experience overseas - as opposed to bigoted opinions and ideas