Or, maybe there are just lots of inefficiencies in the banking sector, and more efficient/affordable banking is good for almost everybody, especially for the demographics of people who are currently underbanked.
Yea, I am working in this sector at the moment (banking and automation) and I can tell you compared to say, a tech company, they are very very far behind. Although some banks like Goldman and JPMogran, are lightyears ahead of the competition in this space. This is the consequence of having non-technologist in tech management roles for the past 50 years, and typically no technologists on the exec. boards either.
You honestly believe that lower banking costs will transfer to clients?
If the costs of servicing the unbanked can be reduced to be less than the expected revenue, why wouldn't someone serve that market? Maybe Chase Bank doesn't want them but if they can be made profitable, some bank will want that money.
Yes. We’re all used to free checking now, but it wasn’t always that way. No fee credit cards with cash back are also a result of competition and lower costs.
I don't think free checking is a thing anymore, unless you are grandfathered in.
Shop around - it's a competitive market. Many checking accounts with an initial deposit of less than $1000 or confirmed direct deposit are free and have no minimum balance. Some (TD for example) will even pay $150 - $300 to open an account after a few direct deposits.
Maybe it can be both that and another road to the middle class closing off for young people aiming to get a job in the services sector.