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I can video chat with someone on the other side of the globe, but it takes Megabank a couple days to "wire" (what the fuck does that even mean?) my money to Hug
by ahi 15y ago
I can video chat with someone on the other side of the globe, but it takes Megabank a couple days to "wire" (what the fuck does that even mean?) my money to Hugebank a couple blocks away. I am sure we all have plenty examples of our banks' inefficiency.
With fees and free money from the Fed, banks haven't felt any pressure to improve their business processes. With congress kicking fees away from them, they might have to learn how to not suck at their jobs.
- JumpCrisscross 15y agoThere is also a huge regulatory burden. There is still a lot of federal infrastructure that requires "hard copies" or T+3, i.e. 3 days to settle transactions. Innovation in commercial banking is very slow.
- mathattack 15y agoOn many cases they are top cumbersome to change. Classic Innovators Dilemna. It has to be someone new without top of the market profits to protect. That entrant will serve you and me.