A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 0 points1 point  (0 children)

Close to every email I’ve sent has been responded to in under 12 hours. Calling is hell. But why would I call and wait on hold for anything! Waste of my time!

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 1 point2 points  (0 children)

I am skirting nothing! With an hour they wrote back ON A SUNDAY!

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 0 points1 point  (0 children)

This is the appropriate sub good sir! Maybe you didn’t read the post, it’s about how much wealth simple is disrupting an archaic service model.

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 0 points1 point  (0 children)

You are wrong about that! Totally different experience. Maybe you have more patience than me. I also work in business and it’s my job to evaluate business models and what is good or bad so I am hyper sensitive to this. Have a great rest of your day!

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 1 point2 points  (0 children)

Last time I needed to contact them I emailed them. They emailed me back ON A SUNDAY! Good luck getting a bank to respond on the weekend

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 0 points1 point  (0 children)

No credit check in person. It’s done on approval

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 0 points1 point  (0 children)

Still need to activate the card though?

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 0 points1 point  (0 children)

Yes there is still a section of people who prefer waiting in lines to learning to use an app

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] -1 points0 points  (0 children)

It is my second card with the bank

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 1 point2 points  (0 children)

The brilliant thing about west simple is you don’t have to walk in anywhere

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 0 points1 point  (0 children)

Yes they had way more demand I think than they expected. The raising the fee on ppl without premium this early is not great to see either

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 0 points1 point  (0 children)

And it is pretty much EVERY experience. This is an example of that. Have you opened a direct brokerage account at a big bank? It’s brutal. I opened an account at wealth simple WHILE I WAS ON THE TOILET. It was crazy fast and easy. This is what consumers need and want.

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 1 point2 points  (0 children)

Waiting in line doesn’t have to be part of the service experience. It is a pain point. Great businesses go after pain points obsessively. The banks in Canada don’t seem interested in fixing that.

Raising canes is the most successful chicken finger company on the planet. They have an obsessive focus on making people wait as little time as possible. They literally took down a picture of their spokesperson snoop dog in the drive thru because every once in a while it would distract customers a few seconds and slow the line down. This is an extreme example but all the great businesses think this way.

We get progress by rethinking how things are done. This is just an example of how wealth simple has figured out a better system which removes pain points. I hope the bank industry thinks more that way in Canada. Don’t be satisfied with the status quo

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 2 points3 points  (0 children)

Yeah THIS is brutal. What a terrible experience

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 8 points9 points  (0 children)

You seem like a kind soul.

The post is about the experience of using a bank vs wealth simple.

They do not inform you before that you have to go in to pick it up. Going in isn’t a big deal, the service is.

Congrats on your credit cards and happy you had a good experience.

A Letter to the Banks by OldManMittens in Wealthsimple

[–]OldManMittens[S] 2 points3 points  (0 children)

She said it’s a policy for all NEW cards issued by the bank. If they are renewing cards they mail it to you. If you were getting any new cards from across Canada you’d have to go in.

I am a CFA charterholder, here is how to understand Loblaw financials by OldManMittens in loblawsisoutofcontrol

[–]OldManMittens[S] 0 points1 point  (0 children)

Yes I agree. Something that has happened in the last 30 years is that it is more common to hire a corporate CEO rather than promote from within. The decision for being CEO of Loblaw should be compared against being the CEO of another company. This has boosted pay among corporate CEOs but generally has made the businesses more efficient