Agreed. At least from a consumer standpoint. I use an online only bank account after switching. And there's plenty out there. Better service, fewer fees, and without a physical "bank" location in the traditional sense it can keep costs lower. Haven't looked back. I don't need a physical bank to accomplish 99.9% of my banking needs. With offerings like Ally, Simple, etc I think the traditional and big banks will only be necessary for non consumer facing stuff: large investments, mass ACH, trading (including high frequency stuff), etc

I was nervous before switching to Simple, but then I thought about how the only time I went to my physical bank in the last 3 years was to exchange currency, and in that time they charged me $300 in fees for one reason or another. It's been almost a year with zero fees and zero regrets.

I've been using Simple since January of last year, and I am incredibly thrilled with them overall. I could ramble for days about their outstanding customer service, how their "Goals" system has significantly improved my own ability to save money, yadda yadda. Chase was the bank I had to suffer with prior to switching to Simple, so I have to admit that it makes me ridiculously happy to see Dimon legitimately concerned about companies that actually give a fuck about people.