Profit driven, but available literally for free for an account and transfers (depending on the bank).
> To have data mined and sold.
GDPR says no.
> To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so.
We're talking about the EU here, not the US. There are a ton of challenger new banks.
So not for free. It would be one thing if banks had to guarantee those transactions being free but many banks want % of transaction in fees
GDPR isn't infallible. The EU and its individual countries have plenty of controversies.
>ton of challenger new banks.
Ton is a gross overstatement. It's a few that are truly independent from anyone else. The remainder are puppet / daughter banks.
Their existence barely influences the status quo and it certainly doesn't prevent outrage whenever banks used by over half the country's population threaten to fall.