I agree with your post however further info on one point:

> but all of them use mobile apps for banking which effectively locks them in

Many banking apps work fine with GOS. But given banking and money is such an important part of our lives it is easy to see why people might be hesitant.

It doesn't guarantee future compatibility.... but linked below is a GOS [banking app] status list, crowdsourced info by country.

https://privsec.dev/posts/android/banking-applications-compa...