Why is everyone a bank?

Post by imtringued » Tue, Nov 19, 2019, 2:06 PM UTC

dr_dshiv wrote: post #192

PeterisP wrote: post #100

Earlier quoted context omitted.

For individual mass market the big driver is loan margins, both for home mortgages and various short-term loans. But the improvement in payments was mostly driven by legislation (e.g. the Payment Services Directive from 2007 with most of implementation at 2012) without which banks were quite happy to offer payments as slow and expensive as they could as it was too profitable for the industry to voluntarily agree to d…

With 1.6% interest rates for mortgages... I don't know how dutch banks make money. They sell insurance and offer consumer investment accounts -- which are not permitted for us citizens!

Post by TeMPOraL » Tue, Nov 19, 2019, 2:35 PM UTC

acjohnson55 wrote: post #120

jimbru wrote: post #107

It's easy (and fun) to complain about the bad (or just weird) product experiences that banks regularly churn out. Believe it or not, most banks are trying their best. But as other commenters have noted, banks aren't staffed by technologists, so their choices for how to solve these problems begin and end with buying one of the available off-the-shelf software products. Spoiler alert, these products generally are both…

I have to imagine that you get used a bunch in the backends of FinTech products, but any chance better IT starts to reach consumers? My inability to know exactly what's going on with my money on my own terms is endless frustrating. The aggregators help, but are still quite limited.

Post by kube-system » Tue, Nov 19, 2019, 2:44 PM UTC

IggleSniggle wrote: post #98

cstoner wrote: post #59

Earlier quoted context omitted.

Your examples seem like cases that can easily be handled by a checking account. > Fundamentally, I should not have to explain why I would desire immediate access to my own cash reserves at a moment's notice to excuse broken financial infrastructure. Yes, if you are investing in less-liquid assets to get a better RoI then you absolutely do. If you don't like the terms then you are free to keep your cash in your checki…

Just bought a brand new car this week from a dealership (US) and the seller refused to accept a check.

Post by kube-system » Tue, Nov 19, 2019, 2:51 PM UTC

qtplatypus wrote: post #112

vanniv wrote: post #103

Earlier quoted context omitted.

Honestly, I wouldn't trust Google (or any other tech giant) to be my bank. My bank doesn't have a history of locking people's accounts when they post "the wrong" political opinions online. My bank doesn't have a plan to monetize access to my account, or to limit use of the account to only those activities of which the bank's army of woke employees approve. I think I'll stick with a real bank, thanks.

Banks have a habit of closing accounts of people involved in the sex industry and recreational drugs (even in places theses are legal)

Post by Iv » Tue, Nov 19, 2019, 3:38 PM UTC

kjs3 wrote: post #148

Iv wrote: post #136

Earlier quoted context omitted.

I think Google can be awful and still fare better than most regular banks.

I work for a bank. As bad as we can be, there's always a recourse of some sort (not always useful, but sometimes). There's always a regulator (not always activist, but sometimes). There's always an alternative (not always equivalent, but sometimes). With Google, it's up to Google whether the answer is 'screw you' (unless you're spending tens of millions, it is).