Experts differ on how much of a threat fintech disrupters pose to the big banks. Yet on one thing there has been pretty wide agreement: they are more of a worry for retail businesses than those at the wholesale end of the industry.

The financial crisis resulted in such a loss of trust among retail customers that they would be rushing to take their business elsewhere. Consumer-friendly technology companies in particular would run rings round the stolid and untrustworthy banks, creaming off the most lucrative parts of their business.