What aspects of modern banking have stayed frustratingly outdated despite all the advances in technology?

Confidently incorrect material. Most delays are to fulfill regulatory KYC and AML rules.

Maybe for high value customers that might apply but things like wire transfers take time for security reasons over anything else most often. KYC in multiple stages on both ends if everyone is doing their job properly plus time to process It all. Every once in a while I’ll send a wire for a customer and they will be back in branch half an hour later asking why it hasn’t hit the recipient yet, meanwhile the branch manager probably won’t approve it until the end of the day when he has time to make sure everything is compliant before he sends it off.

Banks really cannot invest , banks make loans thats about it. In the USA

Oh, look who's on the Internet having a functional gub'mint! Well, laa-dee-da! Must be frickin' nice

Instant and free in the UK and getting better. The whole Open Banking project is about enabling not just moving cash quickly and easily, but all the other infrastructure stuff like checking the account you are sending money to us legit, like almost instant know your customer, all sorts of stuff Oh, and making it easier for new banks to enter the market and encourage the old big four to pull their socks up and make better customer products

Same here

Remitly and Wise are pretty c****. Wise is about \~0.5%

The numbers don’t lie

My credit union is usually pretty good at putting in my deposits ahead of my withdrawals. The few times I had an overdraft it was totally my fault for not paying attention to my available balance.

Yes, because neither of us in this example own the means of production (financial services).

And here I thought, the wells fargo logo was only for show.

Really, may I ask why? Like what would the benefit be as opposed to a regular transaction?

But why do you have to physically write a cheque for that? Can't you just check your account and then digitally transfer the money?

Shh. No one tell them that the telephone network is digital, and it runs over the internet too.

Thank you. I work for a company that has a very large portion of its workload on mainframes. The shit just works. Sure the applications use TN3270 emulation and it looks like you’re making a reservation in Saber, but it works.

Yeah the eye roll and the response isnt doing anything to argue how outdated you guys are.

That's... Not the right approach. There are several underlying issues with what you've said, and outdated technology \*is\* at the heart of a lot of it (public policy is as well). First, in many countries you can easily pay by bank account, and merely knowingt a bank account number isn't enough to use it (you can publicly share bank account numbers if you wanted). It's like an email, you still need to get in and access it to make an outbound payment. Checks are possible in part because the US allows you to pull money from a bank account merely by knowing the number (the number is what's written on the bottom of a cheque that enables the whole system to work). The US still has a concept of 'secret numbers', like bank accounts, social security, etc. The equivalents in many countries are generally useless on their own, so they don't need to be kept as private. (If you wanted to open a bank account, knowing your social security number isn't enough, you still need to show ID, etc.) Generally, for government entities there are payment portals that allow 'vouchers' to be made for services. As in, if you need to pay a fee for procedure X, well you demonstrate you've paid X with a voucher or receipt for it. And you can acquire it by paying online by card, by paying in person with cash at many different entities, or by using a bank agreement to pay with your personal account, etc.

Depending on the bank they go daily for interest