I think this is a poor analogy. Holding money in a bank would be like holding bitcoin on an exchange. You don't have a private key and it basically acts like any normal bank would. You can get your password recovered or reset just like any normal bank and they are now starting to become FDIC insured as well.

Holding bitcoin in your own private wallet or in cold storage would be like hiding cash at your home or burying gold in your backyard.

Saying that banks are more secure than bitcoin is not the correct way of looking at things. IMO it's the same as saying banks are more secure than USD... it doesn't make sense. Banks are just a tool for traditional currency and they will also be used for bitcoin.