Are Canadian legacy banks and telcos a sinking ship?

The big 5 banks ( $The Toronto-Dominion Bank(TD.CA)$ , $CIBC ACTIVE INVEST GRD CRP BD ETF COMMON UNITS(CACB.CA)$ , $Bank of Montreal(BMO.CA)$ , $Bank of Nova Scotia(BNS.CA)$ , RBC) and the big telco's (Rogers, Bell).
There's obviously no innovation at any of these institutions. Wealthsimple is 100x better than any of these banks. It's a good example of where young people are putting money; the old banks what old people trust, but that's not a moat for the future.
The only thing these companies rely on is overcharging / gouging customers with fees, and through regulation (e.g. the big banks had to pressure the OFSI to hamper the HISA ETFs that were eating their lunch).
With nothing to offer, these companies can sustain themselves for the short term, but they look like a trap long term.
Thoughts?