In terms of efficiency and transparency, I do believe strongly that Bitcoin is far a better option than the banking transactions. Bitcoin is fast and does not have hidden charges.
Bitcoin is obviously more efficient than banks for transactions, because it is peer to peer, so sending bitcoin can directly enter the intended account without complicated procedures. The cost is also very cheap, because large or small nominal costs are the same.
It can not be stated unequivocally. Too many corrections and clarifications for transactions must be made. For example, a transfer within a country will most likely be cheaper and faster if it is done between bank accounts. But at the same time, a transaction between residents of different countries will most likely be profitable to do with bitcoin, especially if it is a significant amount.