Disclaimer I did work for an online only bank circa 2000 which shut down several years later. Most client sill want to see someone on the big life decisions: M

Disclaimer I did work for an online only bank circa 2000 which shut down several years later. Most client sill want to see someone on the big life decisions: Mortgage, Investment Asset Allocation, Inheritance etc. The chequing/current account (At least in Canada) is generally used as a loss leader to get those big lucrative items. Being nimble with a regulator like the FCA, ACPR, OSFI, FED etc is difficult. Guys like Apple who just provide the software can bypass local regulations which is generally a lot easier to scale out and they won't get bogged down with 6 month application processes, Quarterly financial audits, AML Audits, BASEL III., shareholder approvals etc/ That said more competition in banking is good!