Why does U.S. banking appear relatively outdated compared with other countries?

Here are some reasons:

• 8,000+ Banks,
• Nearly 90,000+ branches.
• 12 Federal reserve Districts
• 50 US State Regulators
• 2 Federal Regulators
• Credit Union Associations
• No Central Payment Switch
• Automated Clearing House that is dated
• Vested Interests by Banks and other NBFIs when it comes to standards
• Complacency on many fronts (for example on ACH, the estimated earnings on funds float are huge, no one wants to let go of it, despite the market pressure)
• Various Interbank Payment Networks
• Congress
• Lawyers who are also Lobbyists.
• Ancillary Federal Agencies (CFPB, OCC, etc.)

Put this in a blender, and you have a very sick looking juice.