I feel most banks are coasting off the inertia from longtime and/or unsophisticated customers.
Up until I switched to a neobank late last year to get some actual yield on my savings, I'd been using the same brick-and-mortar checking and savings account I opened in high school.
Apparently your average person is much more likely to move homes than move banks. Bank accounts are incredibly sticky, and even though it's not really that hard to open up a new account (and maybe switch over some recurring transactions), people nevertheless don't do it.
Up until I switched to a neobank late last year to get some actual yield on my savings, I'd been using the same brick-and-mortar checking and savings account I opened in high school.