2016-08-23reuters.com

They have reduced the number of tellers and moved them to the back. Their ATMs can perform more sophisticated tasks and banks have developed nifty mobile apps for routine banking needs. They are even experimenting with digital loan underwriting.

Yet customers still expect contact with bank staff and JPMorgan recently had to hire more tellers after customer complaints.

The reason is, unlike in the rest of the advanced world, online/electronic banking in the U.S. is a pain in the ass and hobbled by bank laziness and regulatory limitations. Everyone in the U.S. should have had the ability to send e-checks (or scan actual checks for deposit themselves) years ago -- and it should have been effectively instant. But when you can bet no payment will clear in less than 2-3 days, you have to schlep down the the bank to do cash transactions far more often. Then there's the fact that people have to regularly talk to a banker to complain about nickle-and-diming fees being applied when they shouldn't have (or when they should have, but this was never properly explained or disclosed to the customer)....



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