I think what CryptoPunk refers to is that (allegedly) Metro is the only "high street", i.e. with many physical branches, bank created in the UK in the last 100+ years.

Given we're in a thread talking about ICOs and tech startups, I would side with you and say this is an irrelevant classification and the claim is wrong. :-P

Still interesting though, but given the veritable plethora of recently founded remote-only banks of various innovativenesses, I wouldn't say excessive regulation is to blame, if we think this is a Bad Thing.

Well, having physical branches it really not that important these days. If they give you a way to do usual tasks (change address etc) online or via phone there can be massive savings and increases in efficiency by getting rid of all physical branches.

All that real estate that is now occupied by bank branches can be give to some other businesses that actually need physical space (fashion/clothes, sports, restaurant, gyms etc) to use it more efficiently.

The only reason I had to go to a physical branch this year was to change my address and that is only because my old bank where my main account is doesn't have a way to do this online (seriously I don't understand why is it so difficult to make this a feature of online banking...).

I am using Monzo as my secondary bank and once they give me current account later this year, if it works smoothly and there are no issues I might get rid of my old bank account.

There are a couple of digital banks like Monzo. Atom, Tandem, Starling and more (there's another one for digital nomads, I don't remember their name).

Then there are also other banks like Tesco/Sainsbury's which are definitely not 100 years old. More like started in 90s (but perhaps these reused some old banking licenses from other banks so don't count as "new").

Especially lately there has been a boom in fintech and lots of new challenger banks are appearing and getting banking licenses so that claim is definitely not true today, perhaps it was true a decade or two ago.

I think Tesco, Sainsbury's etc are just resellers of banking services. Actual banking licenses are the thing there have been none of for 100 years iirc, I don't think GP comment just pulled that assertion out of thin air.

Monzo and Starling have secured full banking licenses for sure. Though recently, I think it was only this year. Tandem I think lost their license because of problems with funding.

So that claim might have been true few years ago before fintech boom started. Lots of new digital banks already got or are in process of getting banking license.

Banking industry in U.K. is getting shaken up currently, lots of fintech challengers.

Ahem...

https://monzo.com/blog/2017/04/05/banking-licence/

https://www.thememo.com/2017/04/06/monzo-current-account-spe...

I'm basing it on this:

http://www.computerweekly.com/news/450400615/Digital-only-At...

>The bank was the brainchild of Anthony Thomson, who set up Metro Bank in 2009, which was the first new banking organisation to open in the UK since the end of the 19th century.

>In April 2016, Atom launched its banking app after regulators lifted a restriction on its authorisation.

The BoE lists all registered banks and building societies at: http://www.bankofengland.co.uk/pra/Pages/authorisations/bank... - FWIW, it includes Tesco Bank there. Perhaps Computer Weekly is not the best source of this information?

Anyway, there's well over a hundred banks listed, and around forty building societies, so there's hardly a lack of competition.

The original statement was correct as of 2009.

When the coalition came in, one of Osborne's first acts was to push the banking regulators to issue more banking licenses, due to that 100 year+ stagnation. Since the coalition, there have been a variety of new licenses issued, so the problem is now resolved.

Oops, my mistake, sorry!

It's not just ComputerWeekly. 'First new banking license issued in the UK since the 19th century' gets a lot of hits on Google. I'm pretty sure it would have been corrected if it were incorrect.