As smartphones become more ubiquitous in society, traditional banking functions are going to be carried out more and more frequently with a tap, rather than a trip to the nearest bank branch. Banks are slow to adopt new technology and have a vested interest in maintaining the status quo, but technology companies can offer new products and services--and at a lower price than what banks are willing to offer.
Right now technology companies are hamstrung by money transmission laws in 46 states (plus D.C.), which exist because the FDIC does not cover deposits held by Money Services Businesses. If FDIC coverage were extended, these contradictory and anti-competitive laws could be eliminated, aiding innovation and lowering the cost of payment processing for everyone.