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Why companies from T-Mobile to SoFi want to get into banking

T-Mobile TMUS, +1.78% doesn’t just want to be a company that provides you with cell phone service and cable television. It also wants to be your bank.

T-Mobile is rolling out a mobile-banking service, called T-Mobile Money, nationwide, the company announced Thursday.

The bank accounts are being offered through a partnership with Customers Bank’s CUBI, -2.58% digital banking subsidiary BankMobile. (T-Mobile is effectively marketing checking accounts.) But experts say Chase JPM, -0.73% Citi C, -0.97% and Bank of America BAC, +0.00% won’t become concerned anytime soon.

‘Banks figured out a long time ago that customers are a lot stickier if connect direct deposit, a debit card and online bill payment to a checking account.

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