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Totally agree. I am actually surprised at the number of banks still doing business, with no clear differentiators! 

Maybe one way to differentiate for banks could be to charge for transactions. What can they do to get their customers to pay for the transactions?

I think that the low trust for banks is due to their own mistake. Cost savings and improved efficiencies drove all banks to discourage their customers to visit their branches and hence driving banks to become the faceless, heartless corporate machinery. And once that happens, the trust level automatically goes down.

In my opinion, retail banking is in for an overhaul sometime soon in the future.  

Great blog post with some interesting thoughts.

Another thing that the banks can do is to connect their various customers and enable commerce between these customers. This opens up another source of competitive advantage for the banks. If done well, this can create a viral growth as the value of the network will grow exponentially with every additional node and will become more and more difficult to break this network --> Sustained competitive advantage for the bank that gets this right the first time.