This is more general issue in the USA. How do you prove who you are? Your driver license / identity card doesn't have a chip, so given enough information about someone else you can sign up as them.

Compare that to say a large part of the EU where people have an identity card with a chip, which has a PIN. It allows institutions to read the chip, and that chip cannot be easily faked (PKI). The photo is on the card and on the chip, so they have to match.

Also, more importantly, all of these financial apps popping up is because the normal banking system is too slow moving for the modern requirements, something the EU has also solved with the SWIFT system.