It may not be even close to what traditional banks look like, but it's actually a bank or financial institution (whatever you prefer to call it) due to their license. I actually like that they keep things very simple. Can you tell me what the point is for them to function as traditional bank while we are actually our own bank and can do most of it ourselves? Banks and other similar services should focus on everything else that's optional and offers people the convenience in case they demand it. I am quite sure that in the coming few years everything will change significantly, and crypto in general will be the real winner here....