From Mumbai to Mountain View: A Fintech Guy’s First Peek into U.S. Retail Banking

Let me start with a confession: I assumed I’d find the U.S. banking system modern, seamless, and light-years ahead of anything I’d seen in India. After all, this is the land that gave us Silicon Valley, right?

Cut to me standing in a bank branch, being handed a paper checkbook like it’s 1995.

Retail Banking Landscape in the U.S.

Let’s start with the basics. The U.S. banking system is like Netflix—there’s something for everyone, but also a lot of confusion unless you know what you’re looking for.

🏦 National Banks

Think of JPMorgan Chase, Bank of America, Wells Fargo, and Citi as the SBI, HDFC, and ICICI of the U.S.—but with significantly more brand-sponsored stadiums. They’re big, they’re everywhere, and they’re still sending customers paper statements unless you beg them not to.

🏘️ Regional Banks & Credit Unions

Then you’ve got regional banks and credit unions. These are a bit like Indian cooperative banks—hyperlocal, occasionally charming, and often technologically allergic. But people swear by them. In fact, credit unions are not-for-profit, member-owned banks that often offer better rates, especially on loans and savings. They’re kind of like if your apartment WhatsApp group ran a bank.

📱 Online-Only Banks

Now this is where it gets interesting. Neobanks like Chime, Varo, and SoFi are challenging traditional players with slick mobile apps, no overdraft fees, and direct deposit perks. Think of them as the U.S. cousins of Niyo, Jupiter, or Fi—just with fewer cashback offers and more “we don’t have a physical branch and we’re proud of it” energy.

Market Share Snapshot

• The top 4 banks hold ~40% of all U.S. banking assets
• Credit unions serve over 135 million members
• Online banks and fintechs are growing but still small in share compared to legacy giants

So in short: It’s an ecosystem that has room for giants and garage-started challengers alike. Kind of like Mumbai’s traffic—Mercedes and scooters coexisting, just barely.

Comparison with India

Public vs. Private Banks

In India, SBI is the behemoth with deep roots, while HDFC and ICICI defined what modern banking could be. In the U.S., though, public sector banks aren’t really a thing. Even the so-called “big four” are all private—and ruthlessly competitive.

The difference? U.S. banks love fees. If you breathe near your account the wrong way, you might owe them $15.

Fintechs & Neobanks

Both countries have vibrant fintech scenes. But while Indian fintechs were born out of a need to serve the underbanked (thanks, Jan Dhan and UPI), U.S. fintechs seem to be solving for inconvenience—like automating budgeting or giving you your paycheck two days early.

Also, regulation plays a big role. In India, if you want to be a bank, RBI will have a polite word with you (and then probably say no). In the U.S., you can partner with a chartered bank (hello, Banking-as-a-Service!) and go live without ever owning a license. It’s like running a restaurant without owning a kitchen.

Consumer Behavior

Indian customers adopted mobile-first banking at lightning speed. UPI made us skip the debit card revolution entirely. In contrast, Americans still use paper checks. I repeat: paper. checks. (One landlord asked me to “mail a rent check.” I thought he was joking. He wasn’t.)

Penetration, though, is much deeper here. Almost everyone has a bank account, and credit history starts early—often in college.

Final Thoughts

If India is sprinting towards a cashless, mobile-first future, the U.S. seems to be jogging—while holding a latte, wearing a Fitbit, and occasionally stopping to mail a check.

That said, the scale, maturity, and opportunity here are immense. And for someone like me—part product nerd, part policy geek—it’s an endlessly fascinating playground to study, compare, and build in.

Stay tuned for the next post in this series where I’ll dive into account opening journeys—or as I like to call it, “The KYC Chronicles: U.S. Edition.”

And if you’re a fellow immigrant navigating U.S. banking, drop your war stories below. Especially if they involve checks.