No one said it was going to be easy

Two years ago, the growth of internet-based financial services seemed almost inexorable. Virtually all the main banks in the UK offered internet banking facilities, and simple general and life insurance products were starting to become widely available over the web. New entrants such as Egg and Interactive Investor had gained a strong market position in the UK, but established brands were catching up quickly. As the market matured, the first mover window closed. With that maturity came the realisation that setting up a comprehensive internet service was a huge undertaking. Launch costs we...