I'm sorry, are we now living on bizarro-earth where companies work with each other to develop new, exciting opportunities to make less money?
However, I have lived in Australia, where the banking competition is so bad that the consumer protection agency is having to explain in baby words to the national banks why they can't gang up on apple pay[2].
I have also lived in Iceland, a nation in which essentially all industries exist in tiny vertical monopolies, and the banks are no exception. It's hard to link citations here because fólk lesa ekki Íslensku[6][7], but go ask an Icelander if they think the national banks are in vigorous competition, they'll laugh in your face. Landsbankinn was genuinely shocked and puzzled when I moved all my accounts to Arion because they wouldn't give me a visa electron card so I could buy things off the internet.
That having been said, some quick[3] googling[4] suggests[5] that the USA isn't in great shape when it comes to competition either. In general, consumer competition is poor among banks, and they like it that way.
[1] https://hbr.org/2016/06/one-big-reason-theres-so-little-comp...
[2] http://www.abc.net.au/news/2016-11-30/accc-rejects-the-banks...
[3] https://www.justice.gov/opa/pr/five-major-banks-agree-parent...
[4] http://www.reuters.com/article/us-banks-rigging-lawsuit-idUS...
[5] https://www.bloomberg.com/news/articles/2015-12-05/banks-sai...
[6] no one reads Icelandic
[7] please critique my grammar, I'm guessing here :(
If you have a better algorithm of determining credit risk you can make a lot of money undercutting the competition on the right borrowers.
Or it could be $20,000 cheaper if you're actually low-risk and their algorithms are better than the status quo...
> Maybe you got passed over for that job that would have been in the perfect place for raising your new child, due to your posting. How would you know?
If you didn't have Facebook, how would you know if you were missing out on opportunities because you've since lost touch with various acquaintances?