To add to this, some people might be left out because companies are not financially incentivised to verify them.
In Germany, immigrants struggle to open a bank account because the banks require documents that they don't have (and that they can hardly get with a bank account). Russian, Iranian and Syrian citizens have a particularly hard time finding a bank that works for them. The most common video document verification system does not support some Indian passports, among others.
To banks, leaving these people out is a rational business decision. The same thing will happen to those deemed too risky or too much hassle by the internet's gatekeepers, but at a much bigger scale.
What is it about some Indian passports? Do they need to have a biometric chip to work? (just checked, and those were introduced in 2024)
Banks worldwide regularly refuse service to people who have US citizenship, so I don't think you're far off on that point.
If I remember correctly there are a dozen variants, and most of them lack a basic feature. I think it's either a signature, latin letters or biometric features.
US citizens also had issues due to FATCA requirements although it seems to have improved since they were introduced.
Is banking not deemed a right in Germany ? Aren't there "banks of last resort" ? Or does that right somehow not extend to non-EU refugees ?
Yes, sort of. You can always force it, but it takes time, resources and knowledge that recent immigrants lack. Usually they get funneled towards more immigrant-friendly banks.