How America fondles its books. Redundant entries by four separate parties, accompany every transaction. That's a lot of fondling. You and I bear these costs while elites who profit from the banking system laugh. They couldn't care less about our admin costs.
Banks perpetuate their profitable monopoly by a corrupt liaison with government.
Instead of serving their customers they serve, also, the government. Pols make hay evoking fears of law breaking, tax evasion, money laundering etc. and claim that only banks are the solution for these problems. The money laundering bugaboo is really about maintaining the bank monopoly, and government tax revenue. Like the software industry they eschew open interfaces and jealously protect their control over your data. They break everybody's ecommerce, or efficiency.