This sentiment was shared by Mat Megens, the CEO and Founder of HyperJar, who went further and called for some dramatic changes for the Bank of England: "Breaking up the big banks and adding more challenger banks will have little positive effect on consumers. It would be more of the same, with minimal innovation in the areas needing attention - saving. Some fintechs, including challenger banks, have revenue streams largely predicated on riskier and riskier lending, a pattern experienced in every credit cycle. There are bigger questions here: what is the purpose of a bank in 2020, in a world of low or negative interest rates? Does the UK need another 10 banks to hold deposits? Would that actually leave consumers better off?