We want a lot of things from retail banking:

We want it to be ubiquitous.

We want it to be close to free for retail customers.

We want it to not lose money on underperforming loans.

We want it to extend the social benefits of credit in the community, even if the community is very poor.

We want it to be very closely regulated, so that people never lose their money.

We want opening a bank to cost less than the net present value of all future banking revenue in American Samoa.

It’s really rough satisfying all these wants at the same time.