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The only way that is going to happen is if it is legally required to happen or if banks are financially incentivized to make it happen. It's absolutely true th
by KirinDave 11y ago
The only way that is going to happen is if it is legally required to happen or if banks are financially incentivized to make it happen.
It's absolutely true that offering data migration services decreases bank account stickiness, and that's something everyone is terrified of doing in the finance industry. Customer acquisition costs are so high, I doubt you'd believe me if I explained them to you.
- jsprogrammer 11y ago>Customer acquisition costs are so high, I doubt you'd believe me if I explained them to you. Of course we would believe you. When you use a metric like "customer acquisition costs", you can say pretty much whatever you like. I'd rather hear something like, "We have such little deployed value at the retail level that no one wishes to contract with us unless we spend a lot of money over here (legalized entrapment codes and marketing)."
- KirinDave 11y agoBanks actually don't have or need a ton of law to lock in customers. They use fees and consumer apathy pretty effectively. But if you think that even pro consumer banks like Simple had better costs, think again.