After all, just because you know insurance doesn't mean that you've got an instance understanding of some new set of business requirements that have occured because of a change in the law or moving into new territories in a new country... Any of these situations will require you to learn the new concepts and determine storage models, code, etc., to meet them.
Exactly - at the companies I have worked at, we often have *more* problems with the people that do have industry experience because no two companies do anything the same way - just because you know how things worked at Bank X doesn't mean you will understand how things are at Bank Y - and often the preconceived notions you have from Bank X interfere with learning how Bank Y does things.
AndyG