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Absolutely right.

It's up to we, Solutions Architects and Technicians to show the way to the future of Banking Business.
Always remember Henry Ford:
When asked if he believed in asking customers what they want – Ford replied:
“If I had asked them what they had wanted, they would have said a faster horse.”

Same subject and same comment!

https://www.finextra.com/newsarticle/33603/citi-urges-incumbents-to-grow-their-own-challenger-brands-as-new-entrants-shrink-the-market

Let’s put the finger directly on the 'wound':

"...disruption is constrained by legacy systems and structures."

Without addressing this wound, every effort to digital disruption will be costly (*), complex, and the results will be disappointing.

The Architecture of "Bank of the Future" (already built) proposes the following solutions:

For "legacy systems":

Eliminate them through full STP of the financial activities.

For "structures":

Reshape the current financial backend processing.

Make it handling the financial activities corporately rather than by 'products'.

This eliminates all 'silos', replacing them with a single source of knowledge for the Bank.

Banks do not know how to do this.

It is up to us Architects and Technologists to show the way.

The technology for this is already available.

(*)IT costs per customer per year in USD:

From Banking Reloaded by Frank Schwab, Speaker, Innovator & Founder at www.BankITX.com on Oct 12, 2013

Google:               3.4

Facebook:          3.8

eBay:                  7.4

Tier1/2   Bank 200.0

"Breaking down silos"...

No doubt, that's the way!

‘Big Brother Syndrome’ is something that can turn customers off...
You are exactly right!
Among other reasons why I use banking services is precisely to keep my 'dark side' confidential.

Clear communication (and some good will ...) is paramount!

Not to mention, the telex/teletype machine before the fax machine...

Technology, nowadays, allows the 'new magic' to provide the ‘always-on’ real-time balance data (among others), eliminating the legacies.
It's just a matter of reshaping the financial business Architecture.

joao.bohner@gmail.com

"It's a universal truth that, in general, banks are struggling with legacy systems."

They must not 'struggle with legacys' anymore.

Nowadays there is technology to treat the Banking Business in a STP way, corporately, completely, exactly and definitely; online, real-time 'eliminating' those legacies.

By eliminating those legacies the Banks will perform the Banking Business with simplicity, agility, flexibility, singularity, reliability, scalability, security, accuracy, completeness, cheapness, resilience and international behavior.

Also Corporate decisions are made over information of business activities, performed corporately, completely, exactly and definitely; online, real-time, allowing the capability to control, advice, and take action immediately accordingly to the business behavior.

Technology for this is there, now!

Just to clarify:
Don't forget that the core of the contactless (NFC-Near field communication) IS a Chip - a RFID chip.