Bank Tech Is Only as Good as the Customers Who Use It

Plus, the state of crypto Washington.

Number of the Week: 38% (explanation below)

Bank Tech Is Only as Good as the Customers Who Use It

There’s a longstanding assumption that old-school banks are bad with technology, which is why so many of their basic functions have been usurped by more agile fintech startups. And while of course there are exceptions, and of course banks for years have been partnering with fintech companies to expand their offerings, nonetheless there are good reasons why even people who trust banks are dissatisfied with the service they get.

True, the banking industry regularly produces surveys that show 80-plus percent of American banking customers are satisfied with their institutions’ Web sites and apps. But those polls always seem a little fishy and self-serving. This week Forrester issued a report that indicates widespread dissatisfaction with the digital products of American banks and credit unions.