They will be able to do banking at least once the legislators tear down the walled gardens in a sensible way. Are the security benefits from the Appstore/Playstore real or security theatre?
I'm pretty sure that, if there are security benefits, they have been artificially tied to the use of the company's distribution method, that coincidentally really needs to be sending usage statistics, monitoring, etc. Surely there exist no conflicts of interest to be found.
fifteen years ago I use to do mobile pentests for banks and when we could not find anything significant for the reports we could’ve always count on “lack of rooting detection” and pin the risk on some vague mobile banking malware threat pushed by marketing. I am sorry I contributed to this nonsense.
100% security theater, and here we are.
It's understandable; I would maybe expect to undergo an extra step in verification for a sensitive app like, "we noticed this is the first time you are using this system that is not locked down; please type in the token we have mailed you".
But locking users out (which may not directly be the bank's fault for relying on OS's security APIs) seems anti-competitive.
Would you bet your company on that happening soon? :)
Ha! Well, not right now! Previous to the last year or so, this wouldn't have escalated to the current situation where we're actively having to be wary of fending off Big Brother or blatant power grabs.
However, given that we're talking about a European phone, I'm willing to bet that this type of effort goes hand in hand with decoupling from American-backed services (at least for those who've seen the writing on the wall and understand the risk to their sovereignty if they put all their eggs on an American basket).
A similar question could be asked of the banks too.