American banks are minting money. In 2018, they made $237 billion in profits, bringing their average return on assets to an extremely healthy 1.35%. That's up from 0.97% in 2017. With banking so profitable, a lot of new players are looking to get in on the game, or to increase their market share.
The big picture: In a tech-obsessed world, a broad range of institutions have decided that the future of banking lies in apps. The logic is simple: Increasingly, Americans want to bank on their phones, rather than in expensive-to-maintain branches, so banks should give them what they want.