It's all good until your European bank starts requiring unrooted Android and iOS for their mobile banking app, then tries to force you to use that app instead of letting you sort things out at their building. Then the government starts requiring you use unrooted Android or iOS to sign into their website for administrative tasks, and so on.
Then I'd switch bank. A lot of banks work with SFOS [1]. Given the way the US is acting, we are trying to lower our dependence on American services, and I very much doubt all banks will walk the US bandwagon. There's a serious market for something else.
Right, until you have to use a mobile app to pay for parking or validate your bus/train ticket and so on. Yeah, "I can use my physical card", for now. Long-term we need a better solution than keeping an extra up-to-date phone.