As a consumer who doesn't work in the banking industry, there seems to be tons of competition between banks. Almost every week I get a come-on from this or that bank asking me to move my savings or open a new checking account in return for a cash bonus, or some juicy (temporary) promotional interest rate.

To my mind, it seems like banks are competing for consumers, they're just not competing using the kinds of gimmicks that techies want: mobile apps, powerful APIs, faster money transfers.

Honestly, I'll take $300 cold hard cash over a flashy iOS app any day.