Why it’s so hard to fix banking: An interview with Simple’s exiting CEO

Re:Why it’s so hard to fix banking: An interview with Simple... by Nursie on Saturday May 19, 2018 @09:26AM (#17107801)

So.... 100% down to entrenched interests, nothing to do with complex regulations, a complex and expensive space to operate in or anything else?

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Re:Why it’s so hard to fix banking: An interview with Simple... by jessaustin on Saturday May 19, 2018 @10:49AM (#17108093)

Can we assume that the complexity and expense are inherent to the situation? Perhaps they have been created and "entrenched" by... interests?

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Re:Why it’s so hard to fix banking: An interview with Simple... by iamnotlarry on Sunday May 20, 2018 @03:19AM (#17111639)

I don't think so. See, for example, Wells Fargo. It's hard to imagine an institution that has abused their customers in a more ridiculous way and suffered fewer consequences.

People just don't seem to care how many times they get ripped off by WF. They don't move to the competition. They just stay there and take it over and over again. There is absolutely no incentive for banks to improve. Indeed, it is against the interests of big banks to improve the customer experience.

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Re:Why it’s so hard to fix banking: An interview with Simple... by Nursie on Saturday May 19, 2018 @11:56AM (#17108392)

Assume?

No, but neither can we discount that they may be. Financial regulations in particular usually come about in response to failures and abuses.

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Re:Why it’s so hard to fix banking: An interview with Simple... by jessaustin on Saturday May 19, 2018 @02:44PM (#17109120)

...usually come about...

That's the just-so story they tell children, but in living memory the only function of new financial regulations has been to exempt rich assholes from consequences of already-illegal things they already did and decided they want to do more of. One wonders if one went back in history far enough, would this aetiology ever be correct?

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Re:Why it’s so hard to fix banking: An interview with Simple... by Nursie on Saturday May 19, 2018 @03:17PM (#17109276)

This is just wrong, sorry.

Lots of measures have been put in place in the last decade to prevent '08 style crashes happening again.

The entrenched interests want less regulation, not more.

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Re:Why it’s so hard to fix banking: An interview with Simple... by jessaustin on Saturday May 19, 2018 @03:40PM (#17109383)

Are the big banks smaller? When they screw up again, will their ironclad control of the relevant political entities fail to bail them out as it has before?

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Re:Why it’s so hard to fix banking: An interview with Simple... by Nursie on Sunday May 20, 2018 @05:45AM (#17112021)

In some ways yes, they are smaller. Here in the uk the investment and speculation parts now have to be separate from retail banking. They also have to keep much larger reserves to reduce the risks.

I'm sorry if you don't want to hear it, but some regulation is good and put in place to protect the consumer.

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