I am admittedly worried that despite Bank originally being touted as the "permanent" transfer service going forward (even being described to work with other systems, if memory serves) they are looking to replace it with Home, as there is no backwards compatibility. If their subscription fees are separate, people who want to replay older games then transfer their Pokémon forward will be treated rather unfairly in that regard--not to mention this could continue to pile up once Switch becomes the obsolete software.
Being able to trade using smartphones is absolutely phenomenal, however, and this integration makes Home my favorite announcement of the meeting. I just hope this new application is because of the smartphone integration and not because they plan on replacing the app every time there's a new console. Admittedly, I wondered why they didn't just announce a major upgrade and rename to Bank once my hype from the announcement died down.