When you consider the % of people globally, or even country by country, most just need a safe place to keep their money to participate in institutions. Most don't have enough money to place bets on the stock market.
When most folks(US and China) don't have spare cash to bet with, safe retail banking is incredibly important. In the US, tons of service workers take their paycheck with cashapp because so many retail offerings for low earners are notorious sharks with punishing overdraft fees and account minimums.
If people in a society are required to participate in an institution, there should be options for people that are not profit motivated. Anything profit motivated will also be motivated by increased profit which in turn will cannibalize their userbase when rate of profit declines, which almost always sends many people into the woodchipper until it is corrected. This should not be the default.
When most folks(US and China) don't have spare cash to bet with, safe retail banking is incredibly important. In the US, tons of service workers take their paycheck with cashapp because so many retail offerings for low earners are notorious sharks with punishing overdraft fees and account minimums.
If people in a society are required to participate in an institution, there should be options for people that are not profit motivated. Anything profit motivated will also be motivated by increased profit which in turn will cannibalize their userbase when rate of profit declines, which almost always sends many people into the woodchipper until it is corrected. This should not be the default.