Hence the opportunity of unbundling: dominant player on the customer side, but several players on…
Nicolas Colin

Having said that, unbundling opportunities seem difficult to pull off in the developed world, because it’s difficult -read expensive- to offer and scale transactional added value to retail demand… winners will be those who own or can access transactional physical distribution cheaply -a click and mortar retailer maybe?

The situation is a bit different in the developing world where no efficient physical distribution is the norm, which makes banking difficult to scale and cash payments as the only option.

Connectivity is a game changer and has significantly lowered barriers to building a physical distribution platform… A dominant player might emerge by aggregating and intermediating services from different asset/custody managers for the retail consumer.