Re:UBS Acquires Wealthfront for $1.4B
by Spooky23 on Wednesday January 26, 2022 @05:13PM
(#30092801)
The best banks for most individuals are almost always small regional banks or credit unions.
The credit union I use has 7% lines of credit, mortgage rates that are consistently within 5 basis points of the lowest and average hold time to an agent <3m. But… their business banking is weak and it’s not really a good place for a high net worth person.
I think big banks tend to never be great customer experiences becuase the internal incentives aren’t there. Retail banking is a sales funnel, and why would a brilliant leader want to run retail? It would be a pay cut. The “brand name” of a major bank used to mean you could cash your checks anywhere, etc. that’s all dead.
The credit union I use has 7% lines of credit, mortgage rates that are consistently within 5 basis points of the lowest and average hold time to an agent <3m. But… their business banking is weak and it’s not really a good place for a high net worth person.
I think big banks tend to never be great customer experiences becuase the internal incentives aren’t there. Retail banking is a sales funnel, and why would a brilliant leader want to run retail? It would be a pay cut. The “brand name” of a major bank used to mean you could cash your checks anywhere, etc. that’s all dead.