Your Bank Should Be More Like Your Waiter And Less Like Your Landlord

TechCrunch

[tc_contributor_byline slug=”ram-palaniappan”]

The financial services industry in America is locked into a business model of exploitation. For far too long, this has gone largely unchecked and unquestioned, even when advances in technology mean it doesn’t have to be so.

Is It All In Our Heads?

Technological advancements in everything from communication to transportation have streamlined our daily lives, and new, inventive solutions to age-old problems appear every day. But the financial services sector still looks largely like it did 50 or even 100 years ago. Why has it taken so long for these types of updates to appear where — in many ways — they’re needed most?

The biggest problem has been in our thinking. We’ve come to view financial services not as an exchange, but as an opportunity for businesses to extract as much monetary value as possible from the customer. Companies use sophisticated pricing tools to exploit every customer disadvantage…

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