Tim Knowles “You are not trusted to do something as innocuous as pay your water bill.” There’s nothing hyperbolic here. You don’t pay your bills. You entrust a bank to hold your money for you and then you ask them to pay it on your behalf. If their systems are down … tough luck, you can’t use your money — to give a stretchy but simple example.
Furthermore, the use of banks is mandated by law in many places, meaning that the government takes away choice in managing the flow of you wealth.
If technology were to bring empowerment instead of submission, then blockchain is probably the best exponent of that idea. However, in reality, very little of what was built on top of the internet (particularly considering the connectivity behind wealth management systems) is here to offer that. You don’t get ownership and control, you get more ways to interact with the stuff you are told you need with enough bells and whistles so that you’re comfortable enough not to question it.