Euro leaders must embrace democracy and allow Greece to decide its fate OFT banking on tech innovation As we revealed on day, John Fingleton, the chief executive of the Office of Fair Trading, has given banks their clearest warning yet that they face a Competition Commission probe and possible break up. One area Fingleton believes could offer scope for more competition from outside the traditional banking model is technology. Right on cue a new payments service was launched yesterday which connects a customer's current account with their mobile phone allowing them to send and receive payments between UK accounts simply by texting another mobile. It's as big an innovation in the world of banking as the credit card, according to its creators. Such technological innovation in banking, which provides customers with new services and a competitive edge to its owner, ought to be music to Fingleton's ears. And it probably is. Except this is no newcomer to the sector using technology to kick down barriers to entry. This is good old Barclays, a member of the incumbent monopoly pushing the boundaries and adapting technology to its business. Will the OFT show that Barclays is investing in technology to defend its dominant position? Or will it accept the bank is using it to compete and improve things for customers? Certainly Barclays has seen similar technology in countries such as Kenya, where it's been adopted enthusiastically by consumers, threaten its traditional position. But it can also see technology as a route to growth in a tech-savvy UK market by anticipating changes which have been slow to come. This could be down to an uncompetitive market. But it's also down to technology and mobile phone companies being slow to innovate themselves. But then, given the political and regulatory minefield surrounding banking and payments, who can blame them?