There’s one vital mistake in this article and it’s here:
Banking is fundamentally quite a dull business, and more of a chore for most people than anything else. The new web banks are going to struggle to get anyone very excited about downloading their new app. Even if it does have some new features, they just aren’t going to be terribly exciting.
Banking is not exciting, but what IS really really exciting for a lot of people is financial stability. Not going broke! Not living in a state of panic that some bill will come in that you can’t cover! Paying off the credit cards! Being able to afford a house or kids or a reasonable retirement! Having your small business be financially sustainable!
That’s just immensely compelling and anyone who can sell that successfully is positioned to absolutely clean up in this space.