Not exactly. The iPhone launched with no App Store at all. No exceptions for financial institutions. I allow financial institution apps on my phone because I believe that the security guarantees on iOS are stronger than on my desktop OS, and also that the customer relationship with the banks/etc are more valuable (to the bank) when their apps are not infected with tracking and ads, etc. And of course, the bank knows a lot about me anyway due to transaction history, and they're well-regulated, understand privacy, etc.

Also, I have trouble believing that the App Store and public SDKs went from "not on the roadmap" to "released" in one year. I know it's the popular narrative, but I feel like there must be more to the story. It's plausible that they were being worked on but a final management decision hadn't been made to launch them?