Since around the start of the Internet, there has been a steady decline in the number of banks and credit unions in the US. [1] They have mostly consolidated with other financial institutions. The shrinkage seems attributable to customers moving their banking online and no longer depending on tellers, buildings, or geographical location in general.

Most banks are seeing this happening and acting as conservatively as they can. They are avoiding change because they don't want to be the next victim of the financial industry crisis. It's not a shadowy cabal; it's really just the fear of going out of business.

A few key banks, OTOH, are embracing change and innovating. Having strong relationships with them is key to making progress. It takes a very long time; 6 years sounds too short. I'm not sure the startup timeline could ever stomach the length of time it takes to build those relationships.

So my guess is that the author didn't have as strong a relationship as what he actually needed. My company has also worked with enthusiastic executives who turned out not to have as much weight in the company decisions as they hoped.

[1] https://usafacts.org/articles/whats-behind-the-decline-in-us...