Nerdwallet Wants To Make Comparison Shopping For Financial Services Simple

“There’s a lot of inertia in banking — it’s hard to switch checking accounts,” he said at Money2020, citing the changes bank customers would have to make in direct deposit of their paychecks and revising the bill payments they have set up in their accounts.

“People get divorced more often than move their checking accounts,” Chen said.

The result is banks are making outside profits, $26 billion in the third quarter.

“You would expect that over time, because there are so many banks offering very similar products that through better pricing the excess profits should moderate, but that hasn’t been the case.”

About Tom Groenfeldt

I write - mostly about finance and technology, sometimes about art, occasionally about politics and the intersection of politics and economics. My work appears on and and occasionally in The American Banker and Banking Technology in London.
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