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> Banks suck so goddamn hard and are allowed to operate without any real competition and don't innovate at all. It's not really the banks' fault. They're all
by politician 1y ago
> Banks suck so goddamn hard and are allowed to operate without any real competition and don't innovate at all.
It's not really the banks' fault. They're all stuck leasing expensive information systems from entrenched third-party technology shops. They don't have software development dollars and they are extremely risk averse, to a paranoid degree. Thank the regulatory environment for that (state and federal).
Companies like Moov.io are trying to crack open this space and provide the levels of integration we see in other industries.
But it's really hard and slow.
- neoecos 1y agoThat's why Im really bullish on Column, a tech company with banking license
- ameliaquining 1y agoThis is only true of small banks, not large ones.
- marcus_holmes 1y agoThis is not the problem. If it was the problem then banks in (most of) the rest of the world would also be stuck 50 years in the past. They're not.
- astrange 1y agoOther countries' banks don't have the US regulatory environment.
- marcus_holmes 1y agoYes, they do. The UK and Australia (examples I know) have equally stringent regulatory environments as the USA.