Banking Technology

Antiquated Banking Practices

Responses to my LinkedIn post on #banking clearly shows that I am not the only one feeling this. Let me add the next chapter to the banking saga. Retail banks are in the business of accepting deposits and lending money. Due to historical reasons, such as redeployment of, operational costs and others, when you want to exit a long term commitment with the bank there is a penalty applied. Whether it is to break a fixed deposit or prepay a loan.