Slowed growth doesn’t necessarily equate to not profitable.
Speaking from experience I know it’s possible to sell less (volume) and still make more (both money and more importantly, margin).
As you put it, the sleeping beasts have cottoned on, and are catching up. Card freezing and unfreezing. Attempts (albeit not as good) at ‘pots’ from some of the big 5.
What gives their edge though, is their innovation. If they can continue to be ahead of the curve, and keep the old dogs on their tails, then there could still be a lot more mileage in this.
Marketplace will be one to watch when it comes to profit-per-customer, especially if they can create a one stop hub for our other financial needs.