Banking being the identity verification provider for everything (including governmental services) does add hoops, mainly the requirement for in-person identity verification when opening new accounts. As far as I understand the law doesn't allow strong identification to be provided using accounts that were opened with online identity verification.
Online banking is also _the_ identity service for logging into official and semi official systems here (unless you’re a nerd and want to hook up a smart card reader and your [optional] ID card - which I totally am) and I guess there’s a heap of compliance to deal with to enter this space, which would further limit entry to the market.