This is hardly true. The UK is one of the only countries which has a couple of simple features in banking no other country has:
- Instant, Free transfers, including from one bank to another. Even on weekends & holidays.
- APIs currently available (under the UK open banking government guidelines)
- Pay to mobile phones (not that cool).
- Debit via a Debit Card out of the Mastercard network (costs something like 6p per transaction or something, not sure of the details but there's no fixed fee)
There are also a couple of other things like their fraud systems in how you can unblock your card without having to call customer sevice. Granted its an annoying robocall.
Some customers also have authentication by voice from recordings via customer service calls.
All this is in addition to what everyone else has we take for granted: Pinsentry, NFC, Chip and Pin.
The list is quite long, but I hardly think the UK banks aren't innovators. By any measure they're doing a good job.
Also check out Barclay's accelerator where they lend out their banking license to startups.
> What remains to be seen is whether Mondo will make money in the way a traditional bank does.
If their £1m in debit card spending is anything to go by they already have roughly £15k in the bank from Acq Bank revenue from Mastercard. This is just in alpha in 3 months with 200? users.