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Strong agree. Competition around personal banking is notoriously weak. If it were stronger the banks would have a strong incentive to offer a good customer expe
by dcminter 3y ago
Strong agree. Competition around personal banking is notoriously weak. If it were stronger the banks would have a strong incentive to offer a good customer experience, but without it they'll stick with an old system that is "good enough" because that is cheaper than replacing it with one that actually offers a better customer experience. Well, now they have a strong financial incentive (fines) to make it better. Good job GDPR.
- eru 3y agoRed tape, including GDPR, makes it harder to spin up competitors. Banking is one of the most regulated industries, hence the 'notoriously weak' competition.
- snotrockets 3y agoEven if there was competition, banks, as an industry, are given a monopoly on a public service. Just like we shouldn't let the water company does whatever the f*k they want, but hold them to standards of service, the same is expected of banks.
- eru 3y agoWouldn't the saner alternative be not to give the banks a monopoly? What monopoly are you talking about anyway?