I have different experience with chat apps. When someone asks for my WhatsApp I offer Signal or Matrix. If they really want to keep in touch with me, they listen and asks. I recently convince few friends to try those apps and we use them to communicate till today. One of them completely deleted all Meta accounts after many conversations about abusing privacy by their apps.

If you resign from your right of privacy and excuse it with collectivism, nothing stop companies and governments to steal everything from you piece by piece.

For verification of bank transaction, I never used any app. Banks business is not built on smartphones and apps. Its not condition for using their services. If so, I would quickly find competition.